Taking Personal Credit for Our Successes and Blaming Our Failures

question 159

Multiple Choice

Taking personal credit for our successes and blaming our failures on external or situational causes describes the

• A) self-serving bias.
• B) false consensus effect.
• C) availability heuristic.
• D) fundamental attribution error.

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Definitions:

Total Cost

The sum of fixed and variable costs incurred by a firm in producing and selling a product.

Profitable Level

The point at which a company's revenues exceed its costs, leading to financial gain or profit.

Minimal Losses

The smallest amount of losses that can be incurred, typically used in the context of minimizing financial or operational losses.

Marginal Revenue

The increase in earnings resulting from the sale of one extra good or service.