A _____ Refers to a Group of People Who Shape

question 31

Multiple Choice

A _____ refers to a group of people who shape our behavior, values, and attitudes.

• A) dyad
• B) reference group
• C) triad
• D) primary group
• E) secondary group

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Definitions:

Substitutes

Alternate products or services that can satisfy the same consumer need, allowing consumers to switch between them based on preference, price, or availability.

Cross-price Elasticity

A measure of how the demand for one good responds to a change in the price of another good, indicating substitutes or complements.

Complements

Goods or services that are used together, such that an increase in demand for one leads to an increase in demand for the other.

Price Decrease

A decline in the cost of a good or service in the market.