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Participants who worked in groups were given false feedback that they had done either well or poorly.Results indicated that,in comparison to the members of unsuccessful groups,
Elastic
Describes a situation in which the demand for a product is sensitive to price changes.
Excess Capacity
Plant resources that are underused when imperfectly competitive firms produce less output than that associated with achieving minimum average total cost.
Monopolistic Competition
An economic model describing a market structure where many companies sell products that are similar but not identical, allowing for significant control over prices and product differentiation.
Industry Output
The total production of goods and services by all firms in a specific industry over a defined period.
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