Suppose 5,000 Students Were Split into Two Groups of 2,500

question 38

Multiple Choice

Suppose 5,000 students were split into two groups of 2,500.Both groups were first presented with an image of a new high-end pair of shoes produced by UGG,a footwear company.
The first group was given the following statement and then asked the following question: "The normal retail price of these shoes is $200.Would you be willing to pay $125 for them?"
The second group was given the following statement and then asked the following question: "The normal retail price of these shoes is $450.Would you be willing to pay $125 for them?"
Suppose that 13% of the students in the first group answered yes and that 63% of the students in the second group answered yes.It is likely that more students in the second group were willing to pay $125 for the pair of shoes because they were told the normal price was much higher.This is an example of a ________ effect in decision-making.

• A) bootstrapping
• B) market-making
• C) utilitarian
• D) framing
• E) psychosomatic

Explain the role of power dynamics in associations as per Peter Blau and George Homans.

Analyze critiques of network exchange theory and rational choice theory.

Comprehend the distinctions between social structures based on exchange competition and organizational objectives.

Understand how norms and values influence social structures in society.

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Definitions:

Bulk Flow

A movement of molecules from an area of higher pressure to an area of lower pressure, typically referring to fluids and gases.

Adenine

A purine nucleobase, one of the four nucleobases in the nucleic acid of DNA and RNA, paired with thymine in DNA and with uracil in RNA.

ATP

Adenosine triphosphate, a molecule that stores and transfers energy within cells, thereby powering a multitude of cellular processes.