Answer:
Overconfidence.
Explanation:
This question is missing its options. The options for this question are:
Dual Processing,
The I-knew-it-all-along phenomenon,
Hindsight Bias, OR
Overconfidence
In psychology, the overconfidence effect refers to a bias in which a person's subjective confidence in his/her judgements or abilities is greater than how they actually are. In other words, we think our skills or talents are better than they actually are.
In this example, at the beginning of the school year, the students were asked to predict a variety of their own social behaviors and they reported being 84% assured in their self-predictions. However, their predictions were only correct 71% of the time. We can see that <u>their judgements about their social behaviors (or the confidence on them) were greater than how they actually were</u>. Therefore, this would be an example of Overconfidence.
<span>We are most likely to experience cognitive dissonance if we feel little sense of responsibility for engaging in behaviors of which we personally disapprove. This is a state in which a person feels the need to re-arrange or re-organize his/her preferences in order to remove or eliminate dissonance in life.</span>
Some goods are needs, and not wants. If the company decided to overprice, then when nobody can afford, everybody suffer. That is why the Office of Price Administration set limits to prices to avoid high prices and inflations.
hope this helps
