Reference Groups Refer to

question 221

Multiple Choice

Reference groups refer to

• A)the relatively permanent,homogeneous divisions in a society that consists of people who share similar values,interests,and behaviors.
• B)individuals who exert direct or indirect social influence over others.
• C)people to whom an individual looks to as a basis for self-appraisal or as a source of personal standards.
• D)those buyers who,through the size of their purchases,affect where marketing dollars will be spent.
• E)those with whom a person does not wish to be a member of or identified with.

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Definitions:

Close Substitutes

Goods or services that can serve as replacements for each other with little loss of utility to the consumer.

OPEC Oil Cartel

An international organization of oil-producing countries that coordinates and unifies the petroleum policies of its member states to stabilize oil markets and prices.

Inelastic

Describing demand that does not significantly change with the price changes of a good or service.

Income Elasticities

Refers to the sensitivity of the demand for a good to changes in the income of the consumers who buy this good.