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How Can Peer Groups Get Members to Conform to Norms

question 15

Essay

How can peer groups get members to conform to norms that may be prejudiced against others? What happens to those who don't conform?


Definitions:

Marginal Cost

The increase in cost resulting from the production of an extra unit of a product or service.

Markup

The difference between the cost of a product or service and its selling price, expressed as a percentage of the cost.

Marginal Cost

The additional total expense incurred from producing one more unit of a product or service.

Free Entry

A market condition where firms can freely enter or exit the industry without facing significant barriers to entry.

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