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______________ Refer to Norms That Are Formally Defined and Enacted

question 29

Multiple Choice

______________ refer to norms that are formally defined and enacted in legislation,whereas _______________ refer to anything that rewards appropriate behaviours or penalizes inappropriate ones.


Definitions:

Sales Volume

The number of units of a product sold in a given period, often used to measure the business activity level.

Property Taxes

Taxes levied by local governments on the value of real estate property owned by individuals or companies.

Sunk Cost

Expenses that are already spent and cannot be retrieved or changed by any future activities.

Opportunity Cost

The foregone benefit that would have been derived by choosing an alternative option.

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