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Recall that Festinger and Carlsmith gave participants either $1 or $20 for telling others that an experiment was fun and interesting. The experiment entailed turning pegs on a pegboard one quarter turn at a time. Thus, in actuality, the experiment was tedious and boring. Study results showed that
External Costs
Costs incurred as a result of an economic activity that are not reflected in the market price, often shouldered by society or the environment.
Unemployment
A situation where individuals who are able and willing to work are not able to find employment.
Efficient Allocations
The optimal distribution of resources among competing uses to achieve the highest overall level of welfare or utility.
Market Failures
Situations where the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.
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