In a Well-Known Study Conducted in the 1950s, Social Psychologist

question 114

Multiple Choice

In a well-known study conducted in the 1950s, social psychologist Leon Festinger and colleagues analyzed the friendship patterns among graduate students living in one of the dormitories at MIT. The researchers found that strongest predictor of friendship was ____.

• A) how extraverted the students were
• B) similarity in terms of hobbies and activities
• C) similarity in terms of basic demographics (age, gender, being single versus married, etc.)
• D) how close the students lived to one another

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Definitions:

Total Revenue

The overall amount of money generated by a business from its sales activities before any costs or expenses are deducted.

Price

The financial outlay presumed, obligatory, or given in payment for an object.

Demand Function

A mathematical expression showing the relationship between the quantity demanded of a good and various factors that affect this quantity, such as price, income, and prices of related goods.

Cross Price Elasticity

A gauge of the responsiveness in the demand for a specific product due to fluctuations in the pricing of another product.