You Are Taking an OB Course That Meets Mondays and Wednesdays,and

question 46

True/False

You are taking an OB course that meets Mondays and Wednesdays,and your professor gives unannounced quizzes each week.It's the Sunday before a class,and you are deciding whether to study for a potential quiz or watch football.Two of your classmates have decided to watch the game rather than study because they don't think there will be a quiz the next day.The next morning you walk into class and the professor says,"Take out a sheet of paper for the quiz." You turn to your friends and say,"I knew we were going to have a quiz; why did I listen to you? This reflects the anchoring bias.

---

Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, similar products, and easy market entry and exit, leading to efficient outcomes.

Perfect Knowledge

Refers to a market condition where all participants have access to all necessary information to make informed decisions.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, freedom of entry and exit, and perfect information, leading to price-taking behavior.

Internet

A global network of interconnected computer networks that use the standard Internet protocol suite (TCP/IP) to link billions of devices worldwide.