Examlex
In a variation of the "forbidden toy" experiment by Aronson and Carlsmith (1963) , another researcher issued mild and severe threats to prevent children from playing with a very attractive toy. Several weeks later, a woman came to the school, allegedly to administer tests to the children. When she left the room to score the tests, children were left alone with the same attractive toy and other less attractive toys. Almost 80 percent of the children who were issued severe threats by the researcher played with the attractive toy; only 30 percent of those children issued mild threats succumbed to temptation. This experiment is noteworthy because it demonstrated that
Unregulated Monopolist
A monopolist that operates without governmental restrictions or regulations, freely setting prices and output levels without external interference.
Market Efficiency
Market efficiency refers to the extent to which market prices fully reflect all available information, leading to an optimal allocation of resources.
Ideal Market
A theoretical or perfect market condition where there are many buyers and sellers, no barriers to entry, and complete access to information.
Rent-Seeking
Actions by individuals and groups designed to restructure public policy in a manner that will either directly or indirectly redistribute more income to themselves or the projects they promote.
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