When People Model Themselves After the Members of Peer Groups

question 74

Multiple Choice

When people model themselves after the members of peer groups they would like to join,they are engaging in a process that sociologists call

• A)group conformity.
• B)future directedness.
• C)anticipatory socialization.
• D)group rejection.

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Definitions:

Few Firms

In markets characterized by few firms, also known as oligopolies, a small number of companies dominate the industry, leading to limited competition.

Prime Rate

The interest rate that banks charge their most creditworthy customers, often used as a benchmark in lending rates.

Covert Collusion

A secret agreement between firms to fix prices or divide the market to limit competition, which is illegal in many jurisdictions.

Oligopolist

A market participant in an oligopoly, a market structure with a small number of firms dominating the industry.