Utilitarian Influence Is Sometimes Referred to as _____ Influence Because

question 129

Multiple Choice

Utilitarian influence is sometimes referred to as _____ influence because consumers comply with group expectations to receive a reward or avoid a punishment.

• A) normative
• B) informational
• C) rational
• D) sanctioned
• E) ego-defensive

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Definitions:

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.

Competitive Price-Searcher

A market characteristic where firms actively seek to set prices competitively, often through differentiation, to attract customers.

Long-Run Equilibrium

A state in which all firms in a market are making just enough profit to stay in business, with no incentive for new firms to enter or existing firms to exit.

Price Taker

A market participant that accepts the market price as given and has no influence to alter the price of the good or service they buy or sell.