When the More-Is-Better Principle Holds,we Assign Higher Utility Values to Indifference

question 7

Multiple Choice

When the more-is-better principle holds,we assign higher utility values to indifference curves

• A) That are closer to the origin
• B) That are farther from the origin
• C) That are concave
• D) That are L-shaped

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Definitions:

Self-Serving Bias

A common cognitive bias that causes individuals to attribute their successes to internal factors while blaming external factors for their failures.

Self-Serving Bias

The common habit of a person taking credit for positive events or outcomes, but blaming outside factors for negative events.

Better-Than-Average Effect

A cognitive bias where individuals overestimate their abilities, qualities, or positive attributes compared to others.

Personal Responsibility

The concept of being accountable for one's actions and accepting the consequences that come with them; underlines the importance of individual action in shaping one's life and society.