In Value-Percept Theory,the Strongest Sense of Dissatisfaction Is Created When

question 6

Multiple Choice

In value-percept theory,the strongest sense of dissatisfaction is created when there are _______ differences between wants and haves and when the value in question is _______.

• A)minor;irrelevant
• B)major;cultural
• C)minor;important
• D)major;important
• E)subtle;personal

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Definitions:

Oligopolies

Market structures dominated by a small number of large firms, leading to competition that is less than in perfectly competitive markets but more than in monopolistic scenarios.

Factor Market

The marketplace for services of the factors of production (labor, capital, land, and entrepreneurship) where factors are bought and sold.

Price Takers

Individuals or companies who accept the prevailing prices in the market of their products without having the ability to influence them.

Marginal Productivity Theory

An economic theory suggesting that payment to factors of production equals the value of their marginal contribution to the production process.