Copying Designed Clothing and Selling Them as the Real Thing

question 309

True/False

Copying designed clothing and selling them as the real thing can result in criminal counterfeiting charges.

Recognize the importance of group size and unanimity on conformity and social influence.

Differentiate between characteristics of effective and ineffective sources of persuasive messages.

Recognize the impact of cultural differences on responses to social pressure.

Understand the conditions under which normative influence impacts social behavior.

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Definitions:

Saving Benefits

The advantages gained from setting aside income or resources for future use, including accruing interest, financial security, and preparedness for emergencies.

Substitution Effect

This refers to the economic theory that as prices rise or fall, consumers will replace more expensive items with less costly alternatives.

Income Effect

Refers to the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Tax Rate

The rate at which taxes are applied to an individual or a corporation’s income.