You're Out with Friends When a Talk Show Host Walks

question 140

Multiple Choice

You're out with friends when a talk show host walks up and asks if you'll answer a few trivia questions on camera. When he asks how many feet are in a mile, your first friend says 2,000 and your second friend says 3,000. You don't know the correct answer, so you say 2,500. Your response is similar to the judgments made by participants in which study?

• A) Langer et al. (1978)
• B) Sherif (1936)
• C) Asch (1951)
• D) Milgram (1962)

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Definitions:

Differential Pricing

A pricing strategy where a company charges different prices for the same product or service based on various factors like market segment, purchase volume, or buying behavior.

Product Availability

A measure of the extent to which goods are in stock and accessible for purchase by customers, often critical for customer satisfaction and sales performance.

Total Profits

The entirety of financial gain accumulated by a business after subtracting all expenses from total revenue.

Expected Revenue

The amount of money a company anticipates receiving from sales or other income sources during a specific period, based on forecasts or historical performance.