Which of the following is likely to be an involuntary group? The____________?
Correct answer: D. the Smith family
- A. Boston Bruins
- B. Ku Klux Klan
- C. campaign staff working for presidential candidate
- D. the Smith family
Explanation
An involuntary group is one whose membership is assigned rather than chosen, such as a family. Sports teams, political campaign staff, and secret organizations generally involve voluntary membership.
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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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