When We Rely on Others to Find Out What Is

question 3

Multiple Choice

When we rely on others to find out what is true or appropriate, this is _____; when we rely on others to determine what to do to be accepted, this is _____.

• A) public compliance; private acceptance
• B) private acceptance; public compliance
• C) informational influence; normative influence
• D) normative influence; informational influence

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Definitions:

Vickrey Auction

An auction in which bids are submitted secretly, with the item being awarded to the top bidder who then pays the amount bid by the second-highest bidder.

Willingness To Pay

The maximum amount an individual is prepared to spend to procure a good or service, reflecting the value they place on it.

Expected Revenue

The total amount of money anticipated to be received for goods or services sold, calculated over a specific period.

Probability

A measure of the likelihood that a particular event will occur.