Ali Is Having a Garage Sale

question 21

Multiple Choice

Ali is having a garage sale.He is trying to sell an old alarm clock for R200, an old pair of sneakers for R400, and an old TV set for R1 000.These prices are way too high.Since Ali owns these products, they seem to him to be more valuable than they really are.This phenomenon is known by social psychologists as ____.

• A)lateral shrinkage
• B)product affinity
• C)personal use shrinkage
• D)the mere ownership effect

Appreciate the significance of specific consumer protection acts, such as the Telephone Consumer Protection Act and the Flammable Fabrics Act.

Understand international trade agreements’ impact on product labeling and consumer protection.

Understand the rights and protections provided to consumers under various consumer protection laws.

Identify deceptive or unfair advertising practices and the legal consequences of such practices.

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Definitions:

React

pertains to an individual's immediate response or reaction to a stimulus or situation, often without extensive analysis.

Implications

The possible outcomes or effects that may result from a particular action, decision, or circumstance, often considered in planning or analysis.

Transactional Leaders

Leaders who focus on the role of supervision, organization, and group performance, often emphasizing the exchange between leader and followers.

Institutionalization

The process by which practices and activities become established norms or standards within an organization or society.