Once We've Solved a Problem a Particular Way, We Tend

question 327

Multiple Choice

Once we've solved a problem a particular way, we tend to stick to this strategy even when more efficient approaches exist. This is known as

• A) means-end analysis.
• B) functional fixedness.
• C) mental set.
• D) metacognition.

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Definitions:

Autoregressive Model

A statistical model for analyzing time series data that uses the dependent relationship between an observation and a number of lagged observations.

Mortgage Rate

The interest rate charged on a mortgage loan, which can be fixed or variable, determining the amount of interest the borrower pays over the life of the loan.

Seasonal Variation

Fluctuations in data or occurrences that happen at specific times of the year, often influenced by the seasons.

Long-Term Trend

The overall direction in which data moves over a significant period, indicating a persistent increase, decrease, or stability.