Market transactions are governed by

Market transactions are governed by

a. bureaucracies
b. contracts
c. mercantile associations
d. markets

Question 2

A reference group and a primary group are essentially the same thing.

Indicate whether the statement is true or false

Question 3

In market transactions, impersonal relations are possible because other roles of the participants are neutralized through the use of:

a. contracts
b. currency
c. division of labor
d. networking

Question 4

Groups whose members are not very strongly attached to one another are said to lack cohesion.

Indicate whether the statement is true or false

Question 5

Which of the following is NOT essential to a market?

a. a medium of exchange
b. a place to hold exchanges
c. government support
d. use of contracts

Question 6

The potential for conflict is an inherent part of every group.

Indicate whether the statement is true or false

Question 7

In a market, prices for various goods and services are established based on:

a. changing levels of supply and demand
b. governmental policy
c. how buyers and sellers are related
d. the cost of producing them

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Market transactions are governed by

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