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Recall that even when participants in an experiment conducted by Jones and Harris (1967) were told that people were assigned to write an essay sympathetic to Cuban dictator Fidel Castro, they still were willing to assume that the essay reflected the writer's true "pro-Castro" attitudes. In this experiment, how could people have avoided the fundamental attribution error?
Regulated Monopolies
Market situations in which local, state, or federal government grants exclusive rights in a certain market to a single firm.
Economic Recession
a period of temporary economic decline characterized by a decrease in GDP, income, employment, and trade, typically lasting from six months to a year.
Communism
Economic system in which all property would be shared equally by the people of a community under the direction of a strong central government.
Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to firms being price takers.
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