Brad Habitually Shows Up Late for Work

question 205

Multiple Choice

Brad habitually shows up late for work.Whenever colleagues warn that he could get fired for being late so often,Brad replies that 'everyone does it'.Which perceptual error does Brad seem to be experiencing?

• A) Fundamental attribution error
• B) Projection bias
• C) Self-fulfilling prophecy
• D) Halo effect
• E) None of the above

Analyze the conditions for long-run equilibrium in a perfectly competitive market, including the zero economic profit condition.

Explain the role of entry and exit of firms in achieving long-run equilibrium in a perfectly competitive market.

Understand the relationship between prices, production costs, and supply in a perfectly competitive market.

Describe how changes in market conditions lead to adjustments in supply and demand in the long run.

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Definitions:

Market Price

The ongoing price for buying or selling a service or asset at the moment.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials that can be refined to produce usable products such as gasoline.

Real Terms

Describes values adjusted for inflation, allowing for the comparison of quantities as if prices had not changed over time.

Downward Trend

A situation in which market prices, economic indicators, or other measured data show a consistent decline over time.