What Percentage of Passersby Looked in the Direction of the Crowd

question 31

Multiple Choice

What percentage of passersby looked in the direction of the crowd (of five or more individuals) in Milgram's study of crowd formation on the sidewalk of New York?

• A)fewer than 20%
• B)20-40 %
• C)about 50 %
• D)over 70 %

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Definitions:

Price Discrimination Strategy

A pricing strategy where a company sells the same product to different buyers at different prices, based on what the seller believes each customer is willing to pay.

Products Online

Goods or services offered for sale on the internet, encompassing a wide range of items from clothing to software, facilitating easier access and broader choices for consumers.

Marginal Revenue

The increased earnings from the sale of one more unit of a product or service.

Purely Competitive

A market structure characterized by a large number of small firms producing identical products with free entry into and exit out of the market.