Market Failures

question 333

Multiple Choice

Market failures

• A) prevent the price system from attaining economic efficiency.
• B) result in quantities and prices that are socially desirable.
• C) strengthen economic efficiency by forcing unprofitable firms to close.
• D) weaken the argument for government intervention in the economy.

Understand the concepts of informational social influence and normative social influence and their impact on individual behavior.

Differentiate between various experimental techniques used to study social behavior such as the jigsaw classroom technique and the Implicit Association Test.

Analyze the ethical considerations and criticisms associated with experimenting on human behavior.

Identify the effects of prejudice, stereotypes, and cultural factors on individual behavior and attitudes towards others.

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Definitions:

Cannon-Bard Theory

A theory of emotion that argues that physiological arousal and emotional experience occur simultaneously and independently.

Biological Changes

Refers to the modifications and transformations that occur in living organisms over time, either due to genetic, environmental factors, or developmental processes.

Vocal Intonations

Variations in pitch, loudness, and tempo during speech that can affect the meaning or emotional tone of what is said.

Hidden Emotions

Feelings that individuals keep concealed, either consciously or unconsciously, from others or even themselves.