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In a study by Solomon Asch on conformity, subjects heard confederates of the experimenters unanimously give wrong answers 12 times on a visual perception task. The average subject conformed to the group opinion on __________ of those 12 trials.
Pure Exchange Economy
An economic model where agents trade existing goods with no production, focusing solely on the allocation of resources and goods among market participants.
Competitive Equilibrium Price
The market price at which the quantity of an item supplied is equal to the quantity demanded, within a competitive marketplace.
Endowed
Provided with a quality, ability, or asset; in economics, it often refers to the resources or goods that an individual or institution possesses.
Pareto Optimal Allocation
An economic allocation where it is impossible to make any one individual better off without making at least one individual worse off.
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