When People Want to Maintain Their Current Lifestyles and Are

question 125

Multiple Choice

When people want to maintain their current lifestyles and are reluctant to change,they may exhibit what is known as the

• A) hot-hand fallacy.
• B) gambler's fallacy.
• C) status quo bias.
• D) hot-hand bias.
• E) gambler's bias.

---

Definitions:

Stackelberg Leader

In economic theory, a firm in a duopoly that sets its output level first, influencing the subsequent decision of another firm.

Cournot Duopoly

A Cournot Duopoly is a market structure where two companies control the entire market for a particular product or service, and each firm chooses its output level assuming that the other firm's decision is fixed.

Cournot Duopolists

Firms in a duopoly market structure that determine their output level assuming the output of their competitor is fixed, named after Antoine Cournot.

Demand Curve

A graphical representation showing the relationship between the price of a good and the amount of the good that consumers are willing and able to purchase at various prices.