In Which of These Scenarios Is the Consumer Most Likely

question 72

Multiple Choice

In which of these scenarios is the consumer most likely to experience cognitive dissonance?

• A) A mother purchased snacks for her teenage son.
• B) A secretary rented a car for her boss's business trip.
• C) A jogger purchased a bottle of water for himself.
• D) A student purchased a pizza for supper.
• E) An engaged couple bought a new house.

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Definitions:

Purely Competitive

A market structure characterized by a large number of small firms producing identical products with free entry into and exit out of the market.

Entry And Exit

The ease with which new competitors can enter into an industry and existing ones can leave, influencing the competitive dynamics and profitability of a market.

Economic Profits

Economic profits refer to the excess returns a firm makes above its opportunity costs, factoring in both explicit and implicit costs.

Profit-Maximizing

The process of finding the level of output at which a firm makes the highest profit.