A Fall in the Price of 7-UP That Causes a Household

question 196

Multiple Choice

A fall in the price of 7-UP that causes a household to shift its purchasing pattern away from Sprite and toward 7-UP is the ________ effect of a price change.

• A) income
• B) substitution
• C) complementary
• D) diminishing marginal utility

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Definitions:

Groupthink

An occurrence in a societal group where the need for consensus or adaptation creates outcomes of decision-making that are unreasonable or ineffective.

Self-Censorship

The act of limiting one's own expression or avoiding certain topics due to possible repercussions or social consequences.

Negative Feedback

Constructive criticism or information about performance used to improve or correct actions.

Illusion Of Unanimity

The perception among members of a group that everyone agrees with a decision, while in reality, some members may be silent dissenters.