Managers at Thomas Canyon Credit Union Have Given Employees Raises

Multiple Choice

Managers at Thomas Canyon Credit Union have given employees raises year after year based on what they had given the year before, even though now their employees were quite underpaid compared to similar positions with other credit unions.This is an example of a(n)

A) anchoring and adjustment bias.
B) escalation of commitment bias.
C) sunk-cost bias.
D) availability bias.
E) representativeness bias.