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In all likelihood, participants in Milgram's obedience experiments (conducted in the 1960s and 1970s) were willing to administer increasingly severe shocks to a confederate learner because they were concerned that the experimenter would be disappointed or perhaps even angry with them. Such concerns reflect the power of __________ to induce obedience to authority.
Quantity Demanded
The amount of a product that consumers are willing to buy at a specific price point, at a given time.
Equilibrium Price
The market price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
Supply Falls
A situation where the quantity of goods or services available decreases in relation to demand.
Price Floor
A government- or group-imposed price control or limit on how low a price can be charged for a product.
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