The Self-Serving Bias Is a Tendency to

question 218

Multiple Choice

The self-serving bias is a tendency to

• A) interpret others' behaviour in positive, flattering terms.
• B) give greater weight to others' motives than our own.
• C) make internal attributions about others' behaviour.
• D) attribute our successes to internal causes and our failures to external ones.

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Definitions:

Binding Price Floors

Government-imposed price minimums that are set above the equilibrium price, causing surpluses in the market.

Binding Price Ceilings

Government-imposed price limits that are set below the market equilibrium price, leading to shortages.

Market Efficiency

A condition in which market prices fully reflect all available information and assets are priced accordingly.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service, typically set below the equilibrium price to make goods more affordable.