In Nisbett and Wilson's (1977) Studies, When People Made Choices

question 2

Multiple Choice

In Nisbett and Wilson's (1977) studies, when people made choices about which stockings to buy, the people said that they made their choice based on ____.

• A) whether the stocking was presented first or last
• B) the color or softness of the stocking
• C) how much the stocking cost
• D) the stocking size

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Definitions:

First-in

Typically refers to the "First-in, First-out" (FIFO) inventory method, where goods that are first produced or acquired are the first ones to be sold.

Conversion Costs

The sum of labor costs and manufacturing overhead costs, representing the expenses necessary to convert raw materials into finished goods.

Equivalent Unit

A measure used in cost accounting to express the amount of work done on inventory units in terms of fully completed units.

First-in

First-in, often associated with the accounting method "First-In, First-Out" (FIFO), refers to the principle that the first items added to an inventory are the first ones to be used or sold.