Adjusting Our Behavior or Thinking Toward a Group Standard Is

question 136

Multiple Choice

Adjusting our behavior or thinking toward a group standard is called

• A) groupthink.
• B) mood contagion.
• C) social loafing.
• D) conformity.

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Definitions:

Long Run

Describes a period in which all factors of production and costs are variable, allowing for the adjustment of all inputs and technology by firms.

Fixed Resource

Refers to a factor of production that remains constant, regardless of the level of output or activity in the short term.

Short-Run Adjustment

A temporary change in production or operation to respond to immediate changes in market or environmental conditions.

Additional Bakers

Implies an increase in the number of bakers in a market or industry, potentially increasing the supply of baked goods.