A secondary group is characterized by_________________?
Correct answer: D. formal interaction
- A. small size
- B. daily contact
- C. intimacy
- D. formal interaction
Explanation
Secondary groups are usually larger and less personal, with relationships organized around a purpose or institution. Their interaction is therefore generally formal rather than intimate or based on daily personal contact.
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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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