Values in any society_____________?
Correct answer: C. are often contradictory
- A. dictate conduct in every situation
- B. are specifically spelled out
- C. are often contradictory
- D. all of the above
Explanation
Values provide general standards rather than dictating conduct in every circumstance, and they are not always formally stated. Because different values can conflict, they are often contradictory.
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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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