Rules That Govern Behaviour and Apply to All Members of a Group

question 43

Multiple Choice

Rules that govern behaviour and apply to all members of a group are called __________.

• A)roles
• B)patterns
• C)laws
• D)norms

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Definitions:

Profit Maximization

The approach a corporation takes to figure out the price and production level that brings in the most profit.

Profit Sharing

A company policy wherein employees receive a share of the profits of the business, which serves as a motivation and reward for their performance.

Cartel Output

The total production level agreed upon by members of a cartel, aimed at maximizing their collective profits by controlling supply.

Demand Schedule

A table or graph displaying the quantity of a good or service that consumers are willing and able to purchase at various price points within a given time frame.