When the Price of Gasoline Rises,some Consumers Begin Riding Their

question 272

Multiple Choice

When the price of gasoline rises,some consumers begin riding their bikes more frequently or riding the bus instead of driving their cars.The fact that the CPI does not fully account for such changes in consumer behavior is called

• A)outlet bias.
• B)increase in quality bias.
• C)substitution bias.
• D)discrimination bias.

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Definitions:

Modeling

A learning process in psychology where individuals learn new behaviors or information by observing and imitating others.

Conformity

The process of aligning one's attitudes, beliefs, and actions with the norms or standards of a group.

Social Psychology

The scientific study of how individuals think, feel, and behave in a social context.

Behave Toward

The manner in which an individual acts or conducts themselves in relation to others or a particular situation.