Final answer:
The statement about stereotypes' functions is true, as they indeed simplify cognitive processing, affirm biases, and reinforce social inequalities. They are tied to the confirmation bias, influencing how individuals process information and leading to in-group favoritism, prejudice, and discrimination.
Step-by-step explanation:
The statement that stereotypes function to minimize cognitive processing, confirm social biases, maintain or restore self-esteem, and legitimize status quo is true. Stereotyping is a form of social categorization that helps to simplify the social world by reducing the amount of processing we need to do when we meet a new person. It is rooted in the confirmation bias, a cognitive bias where individuals favor information that confirms their preconceived notions, disregarding evidence that might disprove them.
When individuals engage in confirmation bias to support their stereotypes, they are likely to ignore contradictory evidence, perpetuating the stereotype further. For example, if someone believes a particular group is lazy, they will notice more instances that support this belief and ignore situations that contradict it. Moreover, stereotypes can stem from and contribute to in-group favoritism, wherein people prefer the members of their own group (in-group) over those of others (out-group).
By influencing expectations and interpretations of others' actions, stereotypes can lead to prejudices and discriminatory behaviors. Ultimately, they contribute to social inequalities by reinforcing existing power structures and the status quo.