Which of the Following Is Used to Explain Why a Consumer's

question 299

Multiple Choice

Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?

• A)network externalities
• B)market failure
• C)diminishing marginal utility
• D)the income effect of a price change

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Definitions:

Continuous Reinforcement

A learning process in which a behavior is reinforced each time it is exhibited, ensuring the behavior is learned quickly.

Behavior

How a person or an animal acts or reacts due to influences from the environment or internal conditions.

Oral Reprimands

Verbal corrections or scoldings given by a superior to an employee or subordinate as a form of disciplinary action.

Vague

Lacking in clearness or definiteness; difficult to understand or ascertain.