Competitive Industries

question 57

Multiple Choice

Competitive industries:

• A) require government intervention
• B) compete all profits away until firms must exit
• C) results in shut factories and unemployment
• D) keep society growing by being efficient

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Definitions:

Milgram's Study

A series of social psychology experiments conducted by Stanley Milgram, which measured the willingness of participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.

Obedience

Following the directives of authority figures, even if it requires performing actions against one's own values or morals.

Electric Shocks

The sudden discharge of electricity through a part of the body, causing a swift and often painful response.

Authority Figure

An individual who holds power or control in a given context, often commanding influence or respect from others.