As the Price of Home Heating Oil Rises,families Buy Less

question 103

Multiple Choice

As the price of home heating oil rises,families buy less home heating oil.Hence a scatter diagram with the price of home heating oil on the vertical axis and the quantity purchased on the horizontal axis reveals a ________ relationship.

• A) positive
• B) linear
• C) time-series
• D) negative
• E) cross-sectional

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Definitions:

Informational Social Influence

The effect of other people's behavior on an individual's actions and beliefs, stemming from the desire to be correct in situations where the correct action or belief is uncertain.

Cognitive Dissonance Theory

A theory suggesting that individuals experience discomfort (dissonance) from holding two or more conflicting cognitions (thoughts, beliefs, or attitudes), leading them to alter behavior or attitudes to reduce discomfort.

Role

The function or position that an individual assumes or is given in a social context, which influences behavior and expectations.

Cognitive Dissonance

The mental discomfort experienced by a person who holds conflicting beliefs, values, or attitudes, especially relating to behavioral decisions and attitude change.