________ Describes Changes in an Individual's Behavior Arising from Experience

question 156

Multiple Choice

________ describes changes in an individual's behavior arising from experience.

• A) Lifestyle
• B) Learning
• C) Perception
• D) Cognitive dissonance
• E) Selective attention

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Definitions:

Long Run

A period in economics sufficient for all markets to adjust to equilibrium, including the adjustment of all production factors and prices of inputs.

Cross-Price Elasticity

A measure of how the demand for one good changes in response to a change in the price of another good.

Substitutes

Products or services that can be used in place of one another; when the price of one increases, the demand for the other may increase as consumers switch to the cheaper option.

Negative

A term indicating something less than zero or lacking in positivity, often used in financial contexts.