The Competitive Market System

question 94

Multiple Choice

The competitive market system

• A)encourages innovation because government provides tax breaks and subsidies to those who develop new products or new productive techniques.
• B)discourages innovation because it is difficult to acquire additional capital in the form of new machinery and equipment.
• C)discourages innovation because firms want to get all the profits possible from existing machinery and equipment.
• D)encourages innovation because successful innovators are rewarded with economic profits.

Understand the role of cultural and individual differences in perception.

Explain the physiological mechanisms underlying vision and hearing.

Comprehend how perception is constructed from sensory inputs.

Understand the principles of color perception and light wave properties.

---

Definitions:

Living or Working Together

involves sharing a living or workspace with others, requiring cooperation, communication, and mutual respect to manage coexistence harmoniously.

Illusion of Unanimity

The perception that everyone agrees when in reality, they do not, often occurring in group settings.

Stereotypes of Outgroups

Stereotypes of outgroups involve oversimplified and generalized beliefs about a group of people outside one's own, often leading to prejudice.

Self-Censorship

The act of withholding one's opinions or restraining oneself from speaking out due to fear of criticism, rejection, or punishment.