Which of the following is a group ?
Correct answer: D. softball players performing in a playoff tournament
- A. commuters riding a train
- B. spectators watching the construction of a building
- C. lines of people at a supermarket checkout counter
- D. softball players performing in a playoff tournament
Explanation
A group involves people who interact and share a common identity or purpose. Softball players competing together meet these conditions, unlike commuters, spectators, or checkout lines, which are mainly temporary aggregates.
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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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