Examlex
Reduction in total surplus resulting from a market distortion is called:
Actor-Observer Effect
A psychological tendency to attribute one’s own actions to external factors while attributing others’ actions to their internal characteristics.
Self-Serving Bias
The common human tendency to attribute positive events to their own character but attribute negative events to external factors.
Personal Experience
An individual’s direct observation or participation in events, forming the basis for knowledge, attitudes, or beliefs.
Inherited
The transfer of physical, genetic, or characteristic traits from parents to offspring through genes.
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