Examlex
A firm in a competitive market will maximise profit when the level of production is such that marginal cost equals price.
Experimenter Bias
A process where the scientists conducting an experiment influence the outcome due to subjective expectations or preferences.
Illusory Correlations
The phenomenon when people falsely perceive an association between two events or situations, primarily due to cognitive biases or statistical artifacts.
Independent Variables
Variables in an experiment that are manipulated by the researcher to test their effect on dependent variables.
Correlation Coefficient
A statistical measure that indicates the extent to which two variables fluctuate together.
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