An Inferior Good Is

question 149

Multiple Choice

An inferior good is

• A)any good whose demand curve shifts to the left as income rises
• B)any good of low quality
• C)one that has few substitutes
• D)any good produced by inexpensive labor
• E)any good that consumers buy less of as its price falls

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Definitions:

Self-Serving Bias

The common human tendency to attribute success to personal characteristics and failures to external factors, thereby protecting self-esteem.

Defensive Attribution

A cognitive bias where individuals attribute causes of accidents or misfortunes to external factors when involving others but to internal factors when it involves themselves, often to shield their ego.

Fundamental Attribution Bias

The tendency to overemphasize personality-based explanations for behaviors observed in others while underemphasizing the role of external factors.

Self-Effacing Bias

A tendency to downplay one's own successes or positive traits, often attributing them to external factors.