A persons family in addition to being a primary group is also a______________?
Correct answer: C. membership
- A. voluntary group
- B. reference group
- C. membership
- D. Gesellschaft
Explanation
A family is a primary group because its relationships are close and personal, and it is also a membership group because a person actually belongs to it. A reference group is used for comparison, not necessarily membership.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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