Consider the Reaction N₂(g) + 3H₂(g) ⇌ 2NH₃(g)

question 78

True/False

Consider the reaction N₂(g) + 3H₂(g) ⇌ 2NH₃(g). When nitrogen is added to the system at equilibrium, the reaction will shift toward the products.

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Definitions:

Endowment Effect

Tendency of individuals to value an item more when they own it than when they do not.

Reference Point

A basis or standard for evaluation, comparison, or judgment.

Original Endowment

The initial allocation of income, wealth, resources, or goods that an individual or economy possesses before engaging in trade or production activities.

Behavioral Economics

A field of study blending economics and psychology to explore how people make decisions, often deviating from rationality.