While Watching Jeopardy, Your Roommate Says, "Alex Trebek Knows All

question 135

Multiple Choice

While watching Jeopardy, your roommate says, "Alex Trebek knows all the answers. He must be a genius." You tell your roommate she probably would not have said that if she had attended class the day the instructor discussed the topic of __________

• A) social facilitation.
• B) stereotyping illusions.
• C) internal attribution biases.
• D) fundamental attribution errors.

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Definitions:

Efficient Scale

The level of production at which the average total costs of production are minimized.

Long-Run Equilibrium

A state in which economic forces such as supply and demand are balanced, and in the context of production, all inputs, including prices and wages, can be adjusted.

Free Entry

A market condition where there are no barriers for new competitors to enter the market and compete with existing firms.

Fashion Jewelry

Jewelry designed to complement the current fashion trends rather than serve as collectible or investment items, often made with non-precious materials.