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Paul is an analyst at an investment bank. He notices that many of the senior executives at his office go on European cruises, so he decides to save up and go on a European cruise so that he will appear to be more like those executives. Paul's comparison of his own trip choices with those of others to determine his relative social standing is an example of ________.

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Answer: The correct answer is "status consumption".

Explanation: Paul's comparison of his own trip choices with those of others to determine his relative social standing is an example of status consumption.

Each exchange made in the market is preceded by a predetermined behavior on the part of the consumer influenced by aspects such as the status consumption that is the need to consume to demonstrate a certain social level.

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