Norms are essentially ?
Correct answer: C. rules for behavior
- A. what is right
- B. what is most feared
- C. rules for behavior
- D. systems of rewards and punishment
Explanation
Norms are shared rules or standards that guide how people are expected to behave. Systems of rewards and punishment may enforce norms, but they are not norms themselves.
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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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