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Assuming elasticity is reported in absolute value,a measured price elasticity of demand of 1.2 would indicate:
Stanley Milgram
An American social psychologist best known for his controversial experiments on obedience to authority conducted in the 1960s.
Leon Festinger
A psychologist known for his theory of cognitive dissonance, which suggests that inconsistency among beliefs or behaviors causes psychological tension that people are motivated to reduce.
Philip Zimbardo
An American psychologist known for conducting the Stanford prison experiment, exploring how social situations can influence human behavior.
Collectivist Cultures
Societies that prioritize collective goals over individual achievements, emphasizing community and social interconnectedness.
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