Match These Definitions with the Terms They Define

question 155

Multiple Choice

Match these definitions with the terms they define.
-the tendency, in explaining one's own behaviour, to take credit for one's good actions and rationalize one's mistakes

• A)Fundamental attribution error
• B)Self-serving bias
• C)Just-world hypothesis
• D)Cognitive dissonance
• E)Entrapment

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Definitions:

Marginal Productivity Theory

An economic principle that explains how the amount of extra output gained by employing an additional unit of input declines as more of that input is used.

Monopoly and Monopsony

A monopoly refers to a market with a single seller facing many buyers, whereas a monopsony is a market with a single buyer facing many sellers.

Marginal Product

The extra production resulting from the increase of a particular input by one unit, while keeping all other inputs unchanged.

Price of Labor

The compensation or wage paid to employees for their work or labor, often determined by market forces or negotiations.