Cognitive Dissonance? You Are Talking to a Friend Who Insists

question 91

Short Answer

Cognitive Dissonance? You are talking to a friend who insists that the seasons are caused by a varying Earth- Sun distance over the course of a year. What other fact does your friend likely know that completely contradicts this view of how the seasons are caused? Can you think of other examples of two beliefs that many people feel are both true but which completely contradict each other? How does science view this situation?

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Definitions:

Competitive Markets

Competitive markets are characterized by many buyers and sellers, where no single entity has the power to significantly influence prices for goods and services.

Economic Profits

Profits exceeding the total costs of inputs including opportunity costs, typically representing gains beyond the normal profit levels.

Economic Losses

Financial deficits incurred by businesses or individuals, often resulting from poor investment decisions or market downturns.

Profit-Seeking

The motivation or driving force behind individuals or companies to undertake activities that increase earnings and reduce costs, in order to maximize profits.