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In the past, Jan's Dance Studio charged a $5 late fee if monthly tuition payments were received after the due date. A behavioral economist suggested raising monthly tuition by $5 and giving a $5 discount for on-time payments. To the owner's great surprise, the number of late payments decreased dramatically after she followed this advice. What psychological factor might explain this phenomenon?
Social Class
A division of a society based on social and economic status, influencing access to resources and opportunities.
Pediatric Nurse
A nursing professional specializing in the care of infants, children, and adolescents.
Community College
A community college is a type of educational institution providing higher education and lower-level tertiary education, granting certificates, diplomas, and associate degrees.
Social Class
A division of a society based on social and economic status, often influencing one's opportunities, lifestyle, and social interactions.
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