Customary Standards for Behavior That Are Widely Shared by Members

question 61

Multiple Choice

Customary standards for behavior that are widely shared by members of a culture are called:

• A)attitudes.
• B)laws.
• C)norms.
• D)stereotypes.

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Definitions:

Market Price

The current market rate at which services or goods are offered for sale or purchase.

Cost Data

Information related to the expenses involved in producing a good or providing a service, used for pricing, budgeting, and financial analysis.

Pure Competition

Refers to a market structure where there are many sellers and buyers, products are homogeneous, and there is free entry and exit in the market.

Free Enterprise

An economic system based on private ownership, voluntary exchange, competition, and the freedom of individuals to engage in business transactions.