According to the "Hindsight Bias," You Would Predict Which of the Following

question 10

Multiple Choice

According to the "hindsight bias," you would predict which of the following results?

• A) People would be more likely to blame a prisoner than a guard for a prison uprising.
• B) People feel more confident they knew who would a win race after the race than they did before the race.
• C) People tend to behave the way that we expect them to act.
• D) We are more likely to make situational judgments when explaining our future behavior and make dispositional explanations when explaining our past behavior.

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity to protect consumers from rapid price increases.

Price Floor

A minimum allowable price set above the equilibrium price, preventing the market price from falling below a certain level.

Quantity Demanded

It refers to the total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.

Surplus

The condition that occurs when the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.