According to the Text, the Economic-Buyer Theory

question 321

Multiple Choice

According to the text, the economic-buyer theory

• A) says that most consumers do not know the economic value of products they purchase.
• B) explains why people behave the way they do.
• C) includes psychological variables and social influences.
• D) is too simplistic to explain consumer behavior.
• E) assumes that consumers always buy the lowest price alternative.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.