When Presented with the Findings of Psychological Research, It Is

question 111

Multiple Choice

When presented with the findings of psychological research, it is not uncommon for people to comment that the results are trivial, obvious, and that they "knew that all along." This tendency is referred to as

• A)the law of parsimony
• B)hindsight bias
• C)the bystander effect
• D)an unobtrusive measure

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Definitions:

Carrying Cost

Expenses incurred by holding inventory or assets, including storage, insurance, and spoilage costs.

Fixed Cost

Business expenses that remain constant regardless of the volume of goods or services produced, such as rent, salaries, and insurance premiums.

Switch Break-Even Point

This term refers to the point at which the cost savings or revenue from changing a system or product equals the costs associated with the change.

Variable Cost

Charges that fluctuate according to the volume of production.