According to the Circular-Flow Diagram,if Denny Is the Owner of a Landscaping

question 88

Multiple Choice

According to the circular-flow diagram,if Denny is the owner of a landscaping business and he just received $50 for mowing Mrs.Pendleton's lawn,

• A)the $50 represents a cost of production for Denny's firm.
• B)the $50 represents wages,rent,and profit to Denny's firm.
• C)Denny acts as a firm who interacted in the markets for factors of production with Mrs.Pendleton.
• D)Denny acts as a firm who interacted in the markets for goods and services with Mrs.Pendleton.

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Definitions:

Independence

The state or condition of being free from being influenced or controlled by others, in terms of decision-making or action.

Social Loafing

The tendency for individuals to exert less effort when working collectively in a group than when working individually.

Decision Polarization

The process through which an individual's choice becomes more extreme or pronounced after group discussion or exposure to persuasive arguments.

Peer Pressure

The influence exerted by a peer group in encouraging a person to change their attitudes, values, or behaviors in order to conform to group norms.