Which Technique Would You Be Using If You Take a Sip

question 4

Multiple Choice

Which technique would you be using if you take a sip of a soft drink and concentrate on what you are experiencing (cold,bubbly,sweet,etc.)

• A) empiricism
• B) behaviourism 
• C) introspection
• D) functionalism

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Definitions:

Income Effect

The impact of a change in an individual's income on their purchasing behavior, specifically how it affects the quantity of goods or services they buy.

Warren Buffet

A highly successful investor and philanthropist known for his value investing approach and as the principal shareholder and CEO of Berkshire Hathaway.

Purchase Commodities

The act of buying raw materials or primary agricultural products that can be exchanged with other goods of the same type.

Budget Constraint

A financial limit that represents the combination of goods and services a consumer can purchase with their available income.