Examlex
Which of the following is true regarding perfect competition? I. The firms are price takers.
II) Marginal revenue equals the price of the product.
III) Established firms have no advantage over new firms.
Fundamental Attribution Error
The tendency for observers, when analyzing others' behavior, to underestimate the impact of the situation and overestimate the influence of personal characteristics.
Quizmaster Study
An experimental study that illustrates the attribution error by having participants rate quizmasters as more knowledgeable than contestants, ignoring the situational advantage of the quizmasters.
Randomly Chosen
Selected without a specific pattern, order, or reason, ensuring that each member of a set has an equal chance of being included.
Knowledgeable
Having or showing understanding, awareness, or familiarity with facts, information, skills, or subjects through experience or education.
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