Which of the Following Concepts Is Known as the "I

question 31

Multiple Choice

Which of the following concepts is known as the "I knew it all along" phenomenon?

• A) the availability heuristic
• B) hindsight bias
• C) the overconfidence effect
• D) the representativeness heuristic

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Definitions:

Market Price

The existing rate at which a service or asset is available for purchase or sale in the market.

Marginal Cost

The financial charge for creating one additional unit of a product or service.

Average Variable Cost

The total variable cost divided by the quantity of output produced, representing the cost of producing one more unit.

Market Price

The contemporary pricing at which a good or service is available for trading in a market context.