Self-Serving Bias, According to Leon Festinger, Describes the Psychological Discomfort

question 145

True/False

Self-serving bias, according to Leon Festinger, describes the psychological discomfort a person experiences between his or her cognitive attitude and incompatible behavior.

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Definitions:

Breakeven Point

The point at which total costs and total revenue are equal, resulting in no net loss or gain for the business.

Total Cost

The complete cost of production or operation, including both fixed and variable costs.

Total Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Odd Pricing

Psychological pricing strategy in which goods are priced at, say, $9.99 rather than $10.00 in the belief that the price will seem lower than it really is.