Which of the Following Does Not Explain Why Consumers Buy

question 292

Multiple Choice

Which of the following does not explain why consumers buy products that many other consumers are already buying?

• A)network externalities
• B)the satisfaction people derive by being viewed as "fashionable"
• C)cost-effective way to gather information about a product
• D)differences in tastes and preferences

Identify major personality traits proposed by theorists like Eysenck and their biological underpinnings.

Understand different biases and their impact on research validity.

Recognize the historical foundations and key figures in psychology.

Identify the different schools of psychology and their basic premises.

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Definitions:

Dicta

Comments, observations, or remarks made by a judge in a legal decision or ruling that are not essential to the resolution of the case.

Market Power

Ability of a seller or buyer to affect the price of a good.

Producer Surplus

The gap between the price sellers are willing to accept for their goods or services and what they end up receiving.

Consumer Surplus

The discrepancy between the amount consumers are prepared to pay for a product or service and the amount they end up paying.