Bob Is Forced to Take a Job as a Used-Car

question 10

Multiple Choice

Bob is forced to take a job as a used-car salesperson to make ends meet.Bob likes to think that he is an honest person,but he finds himself selling defective automobiles to unsuspecting customers.Bob is likely to experience _____,which probably will be alleviated by _____.

• A)cognitive dissonance;believing in the quality of the cars he sells
• B)cognitive dissonance;accepting the fact that he has always been a dishonest person
• C)a stereotype threat;being extremely honest to all his customers
• D)the actor-observer effect;believing that his customers are also dishonest

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Definitions:

Firm

An organization that produces goods or provides services, usually with the aim of making a profit.

Economic Profit

The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.

Minimum Return

The lowest expected or required return on an investment over a specified period.

Long Run

A period of time in which all factors of production and costs are variable, allowing for all adjustments to take place in the analysis of economic conditions.