Laurie Michaels Just Bought a Smartphone After Spending Several Weeks

question 230

Multiple Choice

Laurie Michaels just bought a smartphone after spending several weeks considering all the possibilities.She likes the new phone,but she still wonders if another brand at a slightly higher price would have been better.This is an example of

• A)the relationships among drives,cues,and reinforcement.
• B)dissonance.
• C)a reference group influence.
• D)the stimulus-response reaction.
• E)routinized response behavior.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Chain Saws

Mechanical tools equipped with a rotating chain with teeth that are used for cutting through wood or other materials.

Perfectly Inelastic

A situation in which demand or supply does not respond at all to changes in price levels, illustrated by a vertical demand or supply curve.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers.