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Matt, who is 2 years old, reaches over and pulls his mother's hair. She responds by saying "Don't do that. It hurts." What approach did Matt's mother use?
Behavioral Economists
Behavioral economists study how psychological, cognitive, emotional, cultural, and social factors affect economic decisions of individuals and institutions.
Brand Loyalty
The tendency of consumers to continuously purchase the same brand's products over competitors due to preferences, satisfaction, or perceived value.
Monopoly Power
The ability of a single entity to control a significant portion of the market and influence price or output levels.
Status Quo Bias
A cognitive bias that leads individuals to prefer things to remain the same or maintain their current state over pursuing change.
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