Typical Effects of This Fallacy Include: Thinking You Are Responsible

question 31

Multiple Choice

Typical effects of this fallacy include: thinking you are responsible for others' feelings and guilt for how others feel.

• A) perfection
• B) overgeneralization
• C) helplessness
• D) taking responsibility for others
• E) Fear of catastrophic expectations

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Definitions:

Industry Supply

The total amount of a product or service that is available for purchase within an industry.

Perfectly Competitive

A market structure where many firms sell identical products, there are no barriers to entry or exit, and no single buyer or seller can influence the market price.

Long-Run Cost

The expenses a firm incurs over a period where all inputs are variable, thus considering the scalability and technology change effects on production costs.

Constant-Cost Industry

An industry in which the cost of production does not change significantly with either an increase or decrease in output levels.