Which is false of reference groups? They_________?
Correct answer: D. are groups to which we belong from birth on
- A. provide standards against which we measure ourselves
- B. are important during socialization
- C. affect our values goals attitudes and behavior
- D. are groups to which we belong from birth on
Explanation
Reference groups provide standards for evaluating ourselves and can shape values, goals, attitudes, and behavior during socialization. They may be groups we admire or compare ourselves with, not necessarily groups we have belonged to since birth.
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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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