A Phenomenon Whereby People Behave as They Are Expected to Behave

question 141

Multiple Choice

A phenomenon whereby people behave as they are expected to behave is called:

• A)the self-fulfilling prophecy.
• B)perceptual confirmation.
• C)the actor-observer effect.
• D)correspondence bias.

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Definitions:

Perfect Competition

A market structure characterized by an infinite number of small suppliers and buyers, leading to price-taking behavior.

Monopolists

Firms or individuals that are the sole providers of a particular product or service in a market, giving them the power to set prices without competition.

Profitable

The ability of a business or activity to generate earnings that exceed its expenses and costs.

Suppliers Concentrated

A market condition where a small number of suppliers provide a large portion of a particular product or service, which can lead to less competition and higher prices.