Explain the principle of cognitive consistency
What will be an ideal response?
According to the principle of cognitive consistency, we value harmony among our thoughts, feelings, and behaviors, and a need to maintain uniformity among these elements motivates us. This desire means that, if necessary, we change our thoughts, feelings, or behaviors.
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The responsiveness or the sensitivity of consumer demand to changes in price occurs when consumers buy more or less of a product when the price changes. What is this called?
a. the break-even point b. elasticity of demand c. the point of equilibrium d. unitary revenue
In appraising real property, a separate valuation for the site is considered least important:
A: In applying gross rent multipliers; B: In applying the cost approach; C: For depreciation purposes; D: In applying the income approach