Sixty-Five-Year-Old Bernice Is Taking Courses at a University with the Intention

question 30

Multiple Choice

Sixty-five-year-old Bernice is taking courses at a university with the intention of completing a bachelor's degree. Some members of her family think she is not likely to succeed because she is much too old to learn new information. These family members are demonstrating:

• A)hindsight bias.
• B)the rule of commitment.
• C)cognitive dissonance.
• D)stereotyped thinking.

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Definitions:

Firm

An organization engaged in commercial, industrial, or professional activities, typically with the aim of earning a profit.

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a period when all factors of production can vary.

Output

Refers to the quantity of goods or services produced in a given time period by a firm or economy.

Short-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied by producers in the short term, under fixed resources and technologies.