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In a classic experiment on cognitive dissonance, students did some boring, repetitive tasks and then had to tell another student, who was waiting to participate in the study, that the work was interesting and fun (Festinger & Carlsmith, 1959). Half the students were offered $20 for telling this lie and the others only $1. Based on what you have learned about cognitive dissonance reduction, which students do you think decided later that the tasks had been fun after all? Why?
Equilibrium
A state in which market supply and demand balance each other, and, as a result, prices become stable.
Supply Curves
Graphical representations showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing to offer for sale.
Price Floors
A government- or authority-imposed minimum price that sellers must charge for a good or service, essentially preventing prices from falling below this set level.
Ceiling Prices
Maximum prices set by the government on certain goods and services to prevent excessive pricing during shortages or inflationary periods.
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