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Instructiоns: Wаtch аll fоur shоrt videos before аnswering the questions. Your response must be one audio response answering both questions. I encourage you to do additional research and think about how these experiments can be applied to consumer behavior and the law of supply and demand. Answer both questions clearly and thoroughly. State which question you are answering before you begin each response. Do not ramble. Keep your response focused. Do not read word for word. Videos: Asch Experiment https://www.youtube.com/watch?v=iRh5qy09nNw https://youtu.be/TYIh4MkcfJA?si=Mc9so24QjMI_JZU9 Milgram Experiment https://www.youtube.com/watch?v=Kzd6Ew3TraA https://www.youtube.com/watch?v=SNgFvjyL4U8 Questions: 1) How can you apply the Asch Experiment or the Milgram Experiment to consumer behavior? Notes to help you gather ideas: Think about how people make purchasing decisions based on authority figures, peer influence, and social pressure. In the Milgram Experiment, participants obeyed authority even when they felt uncomfortable. In the Asch Experiment, participants conformed to the group even when they knew the answer was wrong. How do these behaviors show up in the real world? Have you ever bought something because everyone else had it, even if you were unsure about it? Have you ever trusted a product just because an expert, influencer, or celebrity endorsed it? How do businesses take advantage of social proof, conformity, and authority driven marketing to influence consumer behavior? 2) How can you apply the Asch Experiment or the Milgram Experiment to the the law of supply and demand? Notes to help you gather ideas: Consider how social influence affects what people buy, how much they buy, and how businesses respond to trends. What happens when a product suddenly becomes trendy due to social influence or an authority figure endorsing it? Does demand increase, causing prices to rise? What happens when a product is suddenly criticized or “canceled”? Does demand drop, forcing businesses to lower prices or discontinue the product? Think about historical examples, such as fad diets, viral products, or mass product recalls. How do herd mentality, scarcity marketing, and expert recommendations affect supply and demand?