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After a group of gang members learned that their friend had died in a seemingly random accident, several of the friends started blaming a rival gang for the death. Even though there was no evidence whatsoever that the death had been intentional, the more the gang members talked, the more passionate they became in their belief that an act of revenge was necessary. What concept from social psychology may contribute to an act of violent revenge in this case?
Market Equilibrium
A situation in which the supply of an item is exactly equal to its demand, leading to a stable market price.
Consumer Surplus
The discrepancy between the aggregate amount buyers are willing and capable of paying for a good or service versus what they really pay.
Market Supply
The total amount of a specific good or service available for purchase at any given price, from all producers combined.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the good's sensitivity to price changes.
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