________ Refers to the Tendency of People to Draw a General

question 16

Multiple Choice

________ refers to the tendency of people to draw a general impression about an individual on the basis of a single characteristic.

• A) Confirmation bias
• B) Halo effect
• C) Hindsight bias
• D) Randomness error
• E) Self-serving bias

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Definitions:

Average Cost

The cost per unit is determined by dividing the overall production cost by the total units produced.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the quantity of output produced.

Total Cost

The sum of fixed and variable costs incurred in producing a given level of output.

Computer Software

Programs and operating information used by a computer to perform specific tasks or functions.