After Graduating from University, You Are Planning to Get a Job

Multiple Choice

After graduating from university, you are planning to get a job as an accountant.Your best friend Jay is planning on opening his own restaurant.He says he has thought a great deal about this and believes he will be very successful and it is a good decision.You explain to him that most new restaurants fail, but it does not factor into Jay's decision.What does this demonstrate?

A) Base rates
B) Anchoring effect
C) Perceptual defence
D) Sunk costs
E) Hindsight