To a person who belongs to it beer can collectors, club is a(n) ?
Correct answer: B. membership group
- A. reference group
- B. membership group
- C. voluntary group
- D. all of the above
Explanation
A group to which a person actually belongs is a membership group, regardless of the group’s particular activity. Beer-can collecting may also be voluntary, but the wording specifically tests the membership classification.
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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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