After Graduating from University, You Are Planning to Get a Job

question 115

Multiple Choice

After graduating from university, you are planning to get a job as an accountant.Your best friend Jay is planning on opening his own restaurant.He says he has thought a great deal about this and believes he will be very successful and it is a good decision.You explain to him that most new restaurants fail, but it does not factor into Jay's decision.What does this demonstrate?

• A)Base rates
• B)Anchoring effect
• C)Perceptual defence
• D)Sunk costs
• E)Hindsight

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Definitions:

Bilateral Contract

An agreement where each of the two parties makes a promise or set of promises to the other.

Unilateral Contract

A contract in which one party makes a promise in exchange for an act by another party, who accepts the offer by performing the requested act.

Intellectual Property

A category of property that includes intangible creations of the human intellect, such as patents, copyrights, trademarks, and trade secrets.

Patent

A government-granted exclusive right to an inventor for a limited period, protecting their invention from unauthorized use, reproduction, or sale.