Which Discipline Has Contributed to Consumer Behavior Research by Allowing

question 97

Multiple Choice

Which discipline has contributed to consumer behavior research by allowing researchers to interpret the relationships between consumers and the things they purchase, the products they own, and the activities in which they participate?

• A) economics
• B) sociology
• C) anthropology
• D) cognitive psychology
• E) astrology

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Definitions:

Lottery

A form of gambling involving the drawing of numbers at random for a prize, often run by state or federal governments.

Risk Aversion

A preference for avoiding risk, where individuals or organizations opt for lower-risk options even when higher risks may offer greater potential rewards.

Adverse Selection

Refers to the fact that “bad types” are likely to be selected in transactions where one party is better informed than the other. Examples include higher risk individuals being more likely to purchase insurance, more low-quality cars (lemons) being offered for sale, or lazy workers being more likely to accept job offers. Adverse selection is a precontractual problem that arises from hidden information about risks, quality, or character.

Insurance

A financial product offering protection against the potential financial loss or liability resulting from specific events or circumstances, in exchange for a premium payment.