The Psychological Bias Known as "Illusion of Control" Refers to a

question 79

Multiple Choice

The psychological bias known as "illusion of control" refers to a

• A)belief that you have ultimate control and cannot make a poor decision.
• B)belief that you can influence events even when you have no control over what will happen.
• C)belief that you have no control and so you don't put any effort into the decision.
• D)belief that some unknown person actually has the control and is waiting for you to make a poor decision.
• E)lack of confidence in your ability to gain control.

---

Definitions:

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a long period, taking into account all possible changes in inputs and technology.

Horizontal Curve

A curve on a graph that shows an unchanged value over time or is parallel to the horizontal axis.

Product Demand

The desire and willingness of consumers to purchase a specific quantity of a good or service at a given price over a specific period.

Resource Prices

Costs associated with the inputs used in the production of goods and services, such as materials and labor.