According to the Dual-Process Approach, Majorities Exert Influence by Producing

question 12

Multiple Choice

According to the dual-process approach, majorities exert influence by producing ____, whereas minorities exert influence by producing ____.

• A) informational influence; normative influence
• B) public conformity; private conformity
• C) reactance; obedience
• D) conversion; compliance

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Definitions:

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, leading to competition based on factors other than price.

Economic Profits

Economic profits are the surplus remaining after deducting both explicit and implicit costs from total revenue, reflecting the true profitability of a business.

Number of Firms

Refers to the total count of business entities participating in a particular market or industry.

Long-Run Equilibrium

a state in which all factors of production can be adjusted, and all firms in the market are making zero economic profits, reflecting a situation of perfect competition.