Suppose That You Are Out on a Date

question 123

Multiple Choice

Suppose that you are out on a date. Although your date is somewhat entertaining, you keep having intrusive thoughts about the paper that you need to finish writing when you get home. These thoughts are evidence of the ____.

• A)omission bias
• B)panic button effect
• C)Zeigarnik effect
• D)capacity to delay gratification

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Definitions:

Substitution Effect

This effect describes the change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute more expensive items with cheaper ones.

Output Effect

The impact on total output or production resulting from changes in the price level or other economic factors.

Price of Capital

The cost of using capital goods, represented by interest rates, lease payments, or other measures of the cost of borrowing or using capital.

Marginal Revenue Product

The additional revenue generated from employing one additional unit of a resource, such as labor or capital.