Group Norms Must Be Formally Stated in Order to Be

question 97

True/False

Group norms must be formally stated in order to be known by all group members.

---

Definitions:

Economic Profit

The distinction between the income generated from selling a product and the opportunity cost of the resources utilized.

Price

Price is the amount of money required to purchase a good or service, often determined by the balance of supply and demand in a market.

Economic Profit

The excess of total revenue over total costs, including both explicit and opportunity costs.

Price

The sum of money needed to buy a product or service.