If a Market Is NOT Perfectly Competitive, Then Government Intervention

question 97

Multiple Choice

If a market is NOT perfectly competitive, then government intervention

• A)is always justifiable.
• B)will usually decrease economic well-being.
• C)guarantees that societal well-being will be maximized.
• D)may increase economic well-being.

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Definitions:

Informational Influence

describes the effect on an individual's behavior that occurs when they accept information from others as evidence about reality, leading to conformity.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, values, or expectations.

Collective Identities

Refers to the shared sense of belonging to a group, which shapes members' perceptions, actions, and interactions.

Asch Situation

A social psychology experiment by Solomon Asch that demonstrated the influence of group pressure on conforming.