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Festinger and Carlsmith (1959) performed an experiment in which subjects were asked to lie to a "fellow student" for either $1 or $20. For subjects in the $1 condition, dissonance was created by the cognitions "I am an ethical person" and "I have told a lie." Based on the results of this study, which of the following statements best expresses how subjects probably reduced this dissonance?
Marginal Cost
The additional financial burden of producing one more unit of a product or service.
Break-even Price
The price level at which a business does not make a profit or a loss.
Long Run
In economics, the period in which all inputs can be adjusted, with no fixed costs, allowing for full adjustment to changes in the market.
Industry Supply Curve
A graphical representation showing the total quantity of a good that producers in an industry are willing to supply at various prices.
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