Folkways Are Relatively Unimportant Norms and Are Not Severely Punished

question 62

True/False

Folkways are relatively unimportant norms and are not severely punished if violated.

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Definitions:

Market

Any structure that allows buyers and sellers to exchange any type of goods, services, and information.

Medallions

Licenses or permits, often used in reference to the system regulating taxis where a limited number of medallions are issued, granting the right to operate a cab.

Price Floor

A government-imposed minimum price for goods or services, intended to prevent prices from falling below a certain level.

Market-clearing Price

The price at which the quantity demanded by buyers equals the quantity supplied by sellers, eliminating any surplus or shortage in the market.