On a Talk Show, a Person Claims to Have Taught

question 163

Essay

On a talk show, a person claims to have taught 50 people how to walk barefoot on hot coals using a technique called "neurolinguistic programming," when, in reality, anyone with reasonably callused feet can do this. A critical thinker should have realized that this technique was never tested in a true experiment with a(n)__________ group.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a given market, determined by supply and demand dynamics.

Firm

A business or company that sells goods or services in an attempt to earn a profit.

Competitive Price-Taker Firm

A business that accepts market prices as given because it has no power to influence them.

Economic Profit

The difference between the total revenue received from the sale of an output and the total opportunity costs of the inputs used.