When Decision Makers Tend to Think They Know More Than

question 115

Multiple Choice

When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance, they are exhibiting ________.

• A)self-serving bias
• B)the anchoring effect
• C)immediate gratification bias
• D)overconfidence bias
• E)selective perception bias

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Definitions:

Mass Markets

Very large markets comprising consumers who have similar needs for products or services.

Cost Leaders

Companies that manage to produce or offer services at the lowest cost in their industry or market segment, often leading to competitive pricing strategies.

Cost Leadership

A business strategy aiming to achieve the lowest production and distribution costs to offer lower prices than competitors.

Flexible Automation

Flexible automation refers to a manufacturing system that can quickly adapt to changes in the product being produced, allowing for customization and efficient production of various items.