The evaluation that a certain phenomenon is good beautiful moral right and therefore desirable is termed a_______________?
Correct answer: D. value
- A. norm
- B. guideline
- C. folkway
- D. value
Explanation
A value is a judgment about what is good, desirable, moral, beautiful, or right. Norms are the specific rules of conduct that often arise from such values.
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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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