Which of the Following Is One of the Five Functional

question 26

Multiple Choice

Which of the following is one of the five functional requisites that functionalists believe a society must meet in order to survive?

• A) Replacing members
• B) Yielding the needs of the group in favor of self-interest
• C) Promoting creative chaos
• D) Socializing politicians

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Definitions:

Pure Monopoly

A market structure characterized by a single seller controlling the entire market supply of a unique product, with no close substitutes.

Economic Profits

Profits exceeding the opportunity costs of all resources used by the firm, indicating an above-normal return.

Monopoly Rights

The exclusive power granted to a company or individual to produce, sell, or conduct business in a specific market without competition.

Auctioned Off

The process of selling goods or services to the highest bidder in an auction format.