Emily Spent Several Hours Completing a Long Application to Join

question 230

Multiple Choice

Emily spent several hours completing a long application to join a honor society at her college. If she is accepted for membership, the initiation fee will be $100. Emily wonders how she could manage to pay the $100 out of her already overextended budget. Emily is accepted into the honor society and pays the initiation fee. MOST likely Emily will

• A) quit the honor society almost immediately.
• B) regret that she joined the honor society.
• C) be relatively neutral about the honor society.
• D) be very positive about the honor society and being a member of the society.

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases, in contrast to a normal good where demand increases with an increase in consumers' income.

Used Clothing

Pre-owned garments that have been worn previously and are often resold or donated, playing a significant role in sustainable consumption and the circular economy.

Fur Coats

Luxurious outer garments made from the fur of animals, often considered a symbol of status and opulence.

Normal Goods

Goods whose demand increases when consumer income rises, and falls when consumer income decreases.