According to the Theory of Cognitive Dissonance, People Tend to Compensate

question 21

True/False

According to the theory of cognitive dissonance, people tend to compensate or justify the discrepancies between what they actually receive and what they thought they would receive.

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Definitions:

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Collusion

An agreement among firms, usually in secret, to fix prices or to divide markets among themselves, which restricts competition.

Fix Prices

Fix prices involves setting product or service prices at a certain level, often agreed upon among competitors to avoid undercutting each other, which is illegal in many jurisdictions.

Market Share

The share of a market dominated by a specific company or product, commonly represented as a proportion of the overall sales in that market.