A Common Form of Dissonance Reduction Occurs When Individuals Increase

question 87

True/False

A common form of dissonance reduction occurs when individuals increase their liking for something that they have worked hard to attain.

---

Definitions:

Economy

A system by which goods and services are produced, distributed, and consumed.

Long-Run Equilibrium

A situation in which all firms in a market are making zero economic profit, leading to a stable market condition where no new firms enter or exit.

Consumer Preference

The subjective tastes and preferences of consumers, which determine the demand for different goods and services.

Efficiency

The extent to which resources are used optimally to achieve the desired outcomes with minimum waste.