How Does a Reference Group Influence Us

question 59

Multiple Choice

How does a reference group influence us?

• A) It doesn't; it is just a group of people we know.
• B) We behave in ways in keeping with how we think reference group members will think of us.
• C) We do the exact opposite of what a reference group member would do.
• D) We join the group and try to influence them to act like us.

---

Definitions:

World Price

It indicates the global market price of a good or service, established through the interaction of supply and demand across international borders.

Domestic Price

The price of a good or service within a country, influenced by local demand and supply among other factors.

International Trade Theory

encompasses the concepts and principles explaining the exchange of goods, services, and capital across national borders, focusing on patterns, benefits, and effects of trade.

Produces At

The specific point or condition under which production occurs, focusing on the level of output and the resources used.