Multiple choice or open ended?
Answer:
California, Hawaii, New Mexico and Texas
Answer:
consumption of tea will <u>increase</u> , and marginal utility of coffee will <u>increase</u>
Explanation:
As Consumer consumes both tea & coffee, they are substitutes goods (which can be inter change-ably used by consumer).
Substitute Goods' price & quantity are inversely related. Such because -
- Price fall of a good makes it relatively cheaper & increases its quantity demanded, decreases other good's demand.
- Price fall of a good makes it relatively expensive & decreases its quantity demanded, increases other good's demand
So: Tea & Coffee being substitutes - If price of coffee rise, its own quantity demanded decreases & tea demand increases.
Coffee quantity demanded decrease means Marginal Utility of coffee will increase, as - MU decreases with more consumption quantity & it increases with less quantity consumption [as per Law of Diminishing Marginal Utility].
Answer:
Business Cycle
Explanation:
Business Cycle -
It refers to the upward or downward movement of the gross domestic product , is known as business cycle.
It is also known as trade cycle.
These movement are short - run , i.e. , for very short time span .
Hence, from the given information of the question , the correct term is business cycle .
Answer:
cognitive dissonance theory
Explanation:
Cognitive dissonance theory was proposed by Leon Festinger in 1957 and this theory explains the relationships between cognitions. There is a tendency for an individual to see their cognition in a consistent manner such as belief, opinion. If there is found any inconsistency between behavior and attitudes(dissonance) something must change to eliminate the dissonance between attitude and behavior( dissonance). If there is happening something discrepancy between behavior and attitude then attitudes will change to accommodate the behavior.
<u>There are two factors which affect the dissonance:</u>
- Several dissonance belief, and importance to attached belief each other.
- Reduces the importance of dissonance belief.
- Change the dissonance belief that could not be inconsistent
- Add the more consistent belief that outweighs the dissonant belief.
