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In one well-known social psychological experiment, research participants were brought into a dark room where an experimenter projected dots of light. These dots of light appeared to move slightly as they were projected-though exactly how far they moved the participants couldn't say. When asked to estimate the distance that the light traveled, participants tended to look to others in the room, and ask them what they thought (not because they wanted to gain others' approval, but because they assumed that others knew more than they did) . It would therefore be MOST accurate to say that participants' final estimates were based on ____.
Profit Per Unit
The difference between the selling price and the cost of one unit of a product, indicating how much profit is made from selling a single unit.
Restaurant Market
A sector of the economy comprised of businesses that prepare and serve food and beverages to customers.
Vertical Distance
The difference in height or elevation between two points, often used in the context of graphs or geographical features.
Profit-Maximizing Quantity
The level of output at which a firm achieves the maximum possible profit, where marginal revenue equals marginal cost.
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