Learning Refers to a Change in a Person's Thought Process

question 137

Multiple Choice

Learning refers to a change in a person's thought process or behavior that arises from

• A)attitudes.
• B)experience.
• C)risk analysis.
• D)cultural norms.
• E)postpurchase dissonance.

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Definitions:

Substitutes

Goods or services that can be used in place of each other, where the increase in price of one leads to an increase in demand for the other.

Imperfectly Competitive

Describes markets where individual sellers have some control over the price of their goods or services, as opposed to perfect competition where none exists.

Price Makers

Firms or entities that have the ability to influence the price of goods or services in the market due to their size, uniqueness of product, or market power.

Imperfectly Competitive

A market structure where the conditions necessary for perfect competition are not satisfied, often due to products being differentiated or barriers to entry existing.