Mark Is a Graphic Designer

question 8

Multiple Choice

Mark is a graphic designer. He has an aversion toward tablets. He refused to buy a tablet even when all his friends bought one. He continued to refuse even when his boss pressured him to buy a tablet, as the company was to start doing all their design work on tablets. In the context of consumer behavior, Mark's behavior is an example of:

• A) insistence.
• B) arbitraging.
• C) resistance.
• D) scheming.
• E) referencing.

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Definitions:

Laspeyres Price Index

a measure of the change in the cost of purchasing a fixed basket of goods and services, relative to the cost of the same basket in a base period.

Demand Function

A mathematical expression showing the relationship between the quantity demanded of a good and its price, along with other determinants like income and prices of related goods.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.

Income

The money received by an individual or entity, typically measured over a certain period, for labor, services, or through investments.