Which of the Following Is an Example of a Statement

question 50

Multiple Choice

Which of the following is an example of a statement involving a self-serving bias?

• A) "I did well on that test because it was easy."
• B) "I failed that test. I'm so stupid."
• C) "The instructor graded the test unfairly; that's the only reason I did poorly."
• D) "I was really lucky to do well on that test."

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Definitions:

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, within a specified time period.

Quantity Supplied

The amount of a product or service that producers are willing and able to sell at a given price level during a specific time period.

Inelastic Demand

A market situation in which the demand for a product does not significantly change with its price increase or decrease.