Indira Thought Her Nose Piercing Was Really Unique,but After She

question 85

Multiple Choice

Indira thought her nose piercing was really unique,but after she got it,she noticed that so many other people on campus had nose piercings too.She is experiencing

• A)anchoring and adjustment bias.
• B)framing bias.
• C)escalation of commitment bias.
• D)availability bias.

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Definitions:

Marginal Cost

The extra expense resulting from the production of a single additional product or service unit.

Fixed Cost

Fixed costs are business expenses that remain unchanged regardless of the level of production or sales, such as rent, salaries, and insurance premiums.

Output

The cumulative sum of products and services generated by an economy.

Average Fixed Cost

The set expenses associated with production (not influenced by production scale) distributed over the number of items produced.