Graphically, an Increase in the Number of Vegetarians Will Cause

question 112

Multiple Choice

Graphically, an increase in the number of vegetarians will cause the demand curve for Tofu (a meat substitute) to

• A) shift rightward.
• B) shift leftward.
• C) become flatter.
• D) become steeper.

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Definitions:

Hindsight Bias

The tendency to perceive events as having been predictable after they have already occurred.

Foreseen Past Events

Events in the past that were predicted or expected based on available information or trends at that time.

Retroactively

Applying to actions, events, or decisions that have already occurred, often involving changes to laws or regulations that affect past behaviors or situations.

Planning Fallacy

A cognitive bias that causes people to underestimate the time, costs, and risks of future actions and overestimate the benefits.