Define Cognitive Dissonance

question 25

Essay

Define cognitive dissonance.Describe the conditions under which people are more likely to try to reduce it,and ways that people do this.Give an example of a time when you felt cognitive dissonance in your own life,and describe how you dealt with it.

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Definitions:

Monopolistically Competitive Firm

A company operating in a market structure characterized by many firms selling products that are substitutes but different enough that each has a degree of market power.

Long-Run Equilibrium

A condition in which supply and demand are balanced, all inputs can be varied by firms, and there is no incentive for market entry or exit.

Graphs

Visual representations of data, relationships, or trends using points, lines, bars, or other symbols.

Long-Run Equilibrium

A situation in which, over time, supply and demand balance, causing prices to stabilize and firms to neither enter nor exit an industry.