You Stayed Up All Night Cramming for an Examination and Didn't

question 18

Multiple Choice

You stayed up all night cramming for an examination and didn't do as well as you had hoped."If only I had started studying sooner and gotten a good night's rest,I'd have done much better," you think to yourself.You have just engaged in

• A) counterfactual thinking.
• B) self-justification.
• C) wish fulfillment.
• D) the hindsight bias.
• E) unrealistic fantasy.

---

Definitions:

Isoquant

A curve representing all combinations of inputs that produce the same level of output in production theory.

Output

The amount of goods or services produced by a person, machine, factory, or system over a certain period.

Production Function

A mathematical model that describes the relationship between inputs used in production and the output of goods or services.

Isoquant

A curve that represents all combinations of inputs that yield the same level of output, illustrating the production possibilities of a firm.