When Manmeet's Father Passed Away, the Will Stated That Manmeet

question 64

Multiple Choice

When Manmeet's father passed away, the will stated that Manmeet and his brother should decide how to split the estate between them. After weeks of fighting over how to divide the inheritance, Manmeet tells his brother, "I would rather both of us get nothing, than for you to get more than is right!" This somewhat irrational position is likely the result of:

• A) fairness bias.
• B) hindsight bias.
• C) cognitive dissonance.
• D) avoiding loss.

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Definitions:

Economic Rent

The excess payment made for a factor of production over its opportunity cost.

Total Supply

The total amount of a product or service available for purchase at any given price point.

Henry George

A 19th-century economist known for his belief that people should own the value they produce but that land and natural resources should belong to the community.

Economic Rent

Extra income generated because of ownership of a scarce resource or possession of a unique skill or capability.