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Walster and Festinger conducted an experiment in which subjects "overheard" a conversation between two graduate students, one of whom expressed an opinion on a certain issue. Subjects' opinions were influenced by the graduate student's opinion when:
Trade Restrictions
Measures such as tariffs, quotas, and embargoes imposed by governments to control and limit the volume or value of goods and services that are traded across borders.
Innovation
The process of creating new methods, ideas, or products, or the introduction of something new that adds value.
Declining Industries Argument
The notion that certain sectors of the economy may experience a reduction in demand and productivity, leading to a downturn in those industries.
Foreign Competition
The competition that domestic companies face from companies located in other countries.
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