The Table Below Shows the Total Utility Associated with Various

question 19

Multiple Choice

The table below shows the total utility associated with various units of goods X and Y.Table 7.5

-In effect, people feel that driving is safer than flying and also prefer to do so because of _____.

• A)anchoring
• B)overconfidence
• C)status quo
• D)loss aversion
• E)familiarity

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Definitions:

Ultimate

The final or most significant aspect of something, often considered the highest or primary goal.

Lower

Often refers to a position or status that is below another in a hierarchy or scale.

Yerkes-Dodson Law

Law stating that when tasks are simple, a higher level of arousal leads to better performance; when tasks are difficult, lower levels of arousal lead to better performance.

Need for Achievement

A psychological trait that drives individuals to succeed in their goals, often pushing them to overcome challenges and achieve high standards.