Tutor profile: Michael G.
How would you say the phrase "I don't believe that you have five credit cards?"
What is the difference between the Canon-Bard and James Lange theories of emotion?
The Canon-Bard theory states that we feel emotions first, and then must act upon them and produce a response (I'm sad, so then I cry). The James-Lange theory states the opposite - that emotions occur as a result of physiological reactions to events (I see a spider and scream, so then I must be afraid). Psychologists today believe that the true mechanism of emotion is a combination of these two theories.
What is the definition of perfect competition?
Perfect competition is characterized by: 1) all firms selling an identical product 2) All firms are price takers (they cannot control the price of their product) 3) the firms have a small market share 4) buyers have information about the product being sold by each firm and its price 5) firms can freely enter and exit the market.
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