Isla Needs to Buy Ice Hockey Gear So She Can

question 81

Multiple Choice

Isla needs to buy ice hockey gear so she can practise for her university team tryouts. She reads lots of articles and consults players who have played the game at the national level. She also tries to remember the brands that her brother used when he played in college. Isla believes that adequate research will get her the best deal. She also needs some clothes for the tryouts but decides to borrow these from a friend.
-Isla believes that adequate research will get her the best deal.This indicates that Isla is more likely to have a strong:

• A)internal locus of control.
• B)external locus of control.
• C)need for internal search for information.
• D)trait of limited problem solving.
• E)postpurchase dissonance.

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Definitions:

Slutsky Equation

A formula that decomposes the effect of a price change into a substitution effect and an income effect on the consumption of goods.

Extra Income Effect

The change in an individual's consumption choices resulting from a change in real income, due to factors other than a direct income increase.

Endowment

The total resources available to an individual or entity, which can include wealth, assets, or resources in an economic context.

Normal Good

A type of good for which demand increases as the income of individuals increases, holding everything else constant.