Similarities common to all cultures are called_________________?
Correct answer: B. cultural universals
- A. pivotal institution
- B. cultural universals
- C. culture traits
- D. culture complexes
Explanation
Cultural universals are practices or features found in every known culture, such as language, family organization, and rules governing behavior. Culture traits and complexes are narrower units within a particular culture.
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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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