Conformity Resulting from the Acceptance of Others' Opinions About Reality

question 83

Multiple Choice

Conformity resulting from the acceptance of others' opinions about reality is said to be a response to

• A) group polarization.
• B) social facilitation.
• C) informational social influence.
• D) normative social influence.

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Definitions:

Economic Profit

The financial gain achieved when revenues exceed the total opportunity costs, including both explicit and implicit costs.

Competitive Price-searcher

This term refers to a market situation where sellers have some control over the pricing of their products due to factors like brand differentiation and lack of perfect information among buyers.

Production Inefficiencies

Situations where resources are not used in the most cost-effective way, leading to waste and decreased output.

Differentiated Product

is a good or service that is distinguished from similar products by unique characteristics, branding, or quality, allowing it to compete on factors other than price.