In Some Cases, Prices Are Assigned to Goods on the Basis

question 190

True/False

In some cases, prices are assigned to goods on the basis of nothing more than custom.

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Definitions:

Groupthink

Groupthink refers to a psychological phenomenon where the desire for group consensus and harmony results in an irrational or dysfunctional decision-making outcome.

Social Loafing

The phenomenon wherein individuals exert less effort to achieve a goal when they work in a group than when they work alone.

Group Polarization

A phenomenon where discussions within a group lead to the adoption of more extreme positions or attitudes than the members initially had.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or expectations.