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Suppose Joe is maximizing total utility within his budget constraint.If the price of the last pair of jeans purchased is $25 and it yields 100 units of extra satisfaction and the price of the last shirt purchased is $20, then, using the rule of equal marginal utility per dollar spent, the extra satisfaction received from the last shirt must be
Conformity
The act of matching attitudes, beliefs, and behaviors to group norms or societal standards.
Cognitive Dissonance
The psychological discomfort experienced when holding two or more conflicting cognitions (beliefs, attitudes, or values).
Groupthink
A psychological phenomenon where the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.
Evolutionary
Pertaining to evolution, often used to describe biological or psychological theories that attribute the development of genetic traits and behaviors to natural selection and survival advantages.
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