During Rush Week, Fraternities Sometimes Publicize How Many Members They

question 52

Multiple Choice

During rush week, fraternities sometimes publicize how many members they would like to recruit to their house as the number "openings" on their rosters. The first fraternity promotes that it only has three openings on its roster. Over the course of bid week, the first fraternity's confirmed number of pledges on Monday was four, but they end on Friday with a nine-man pledge class. During rush week, the second fraternity promotes that it has eight openings. Over the course of bid week, the second fraternity's confirmed number of pledges was two on Monday, and they held steady with a two-man pledge class on Friday. This pattern of recruitment results can be explained by

• A) scarcity only.
• B) scarcity and reactance only.
• C) compliance only.
• D) scarcity, reactance, and compliance.

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Definitions:

Invisible Hand

A metaphor coined by Adam Smith to describe the self-regulating nature of the marketplace where individuals' pursuit of self-interest benefits society.

Economic Efficiency

A state where resources are allocated in a way that maximizes the production of goods and services at the lowest cost.

Competitive Market Economy

An economic system where numerous buyers and sellers interact in the marketplace, with competition determining the price and quantity of goods and services.

Self-interest

The pursuit of personal gain or advantage, whether economic, psychological, or physical.