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olya-2409 [2.1K]
2 years ago
12

Suppose 1,000 students were split into two groups of 500. Both groups were first presented with an image of a new high-end pair

of jeans produced by Tommy Hilfiger, a clothing company. The first group was given the following statement and then asked the following question: "The normal retail price of these jeans is $100. Would you be willing to pay $75 for them?" The second group was given the following statement and then asked the following question: "The normal retail price of these jeans is $250. Would you be willing to pay $75 for them?" Suppose that 24% of the students in the first group answered yes and that 73% of the students in the second group answered yes. It is likely that more students in the second group were willing to pay $75 for the pair of jeans because they were told the normal price was much higher. This is an example of a ________ effect in decision-making.
Business
1 answer:
Gemiola [76]2 years ago
3 0

Question Completion:

A) clothing B) marketing C) utilitarian D) framing E) psychosomatic

Answer:

This is an example of a ___framing_____ effect in decision-making.

Explanation:

The framing effect in decision-making means that decisions are influenced by the different semantic descriptions of the same issue.  This different framing of the same issue causes people to develop different risk preferences, indicating that their decisions are based on the potential value of losses they would suffer or gains they would garner rather than the final outcome.

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Keith enjoys cutting hair and he just graduated from a cosmetology program. He has opened up his own shop, but it has not grown
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Answer:

Franchises.

Explanation:

A franchise is formed when a third party is given the right to market products using the brand name of a parent company. There is usually an agreement between the parent company and the third party on profit sharing from the franchise.

In this scenario Keith wants to try a brand recognition of a national chain, but he wants to stay in his local area and be the owner of the shop.

The best option is to form a franchise where he can use the national brand to grow his business locally.

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3 years ago
Question 2 of 10
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Answer:c

Explanation:

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2 years ago
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How is the American Disability Act important in the health field
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The Americans with Disability Act of 1990 (ADA) is a federal civil rights law that prohibits discrimination against individuals with disability  in every day activities, including medical services. ... These statutes require medical care providers to make their services available in an accessible manner.
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3 years ago
Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiat
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Answer:

The journal entry at the time when great adventures obtains the $30,000 loan is:

Account Title                       Debit            Credit

Cash                                     30,000

Notes Payable                                          30,000

The interest accrued at the end of each month would be:

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Interest entry would be made at the end of each month to record the interest expense.

7 0
3 years ago
Which of the following statements is true? (A) A test with a high cost may also be high value. (B) A test with a low cost is alw
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Answer:

A) A test with a high cost may also be of high value.

Explanation:

A test's cost add up to the time spent in preparing that test. S much time might have really been spent on it like researching, sitting, time spent, revaluation of the test, as well as other contributions made for the execution of that test. The value of the test can be evaluated to the resources spent for the test. When a test has a high cost, it may also have a high value depending on some variables relating to both the cost of the test as well as its value. Also, every individual's primary objective is usually cost minimization and profit maximization in every thing he does irrespective of type or structure.

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2 years ago
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