Examlex
Which attribution bias do you think is the most common? Do you think knowing about these biases can reduce their frequency? Why or why not?
Producer Surplus
The discrepancy between the price at which sellers are prepared to offer a product and the actual selling price they obtain.
Market Failure
The failure of a market to be efficient; when the individual pursuit of self-interest leads to bad results for society as a whole.
Market Power
The ability of a producer to raise prices.
Externalities
External benefits and external costs.
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