The Tendency of People to Avoid Seeking Difficult Information When

question 68

Multiple Choice

The tendency of people to avoid seeking difficult information when making decisions is known as _____ bias.

• A)overconfidence
• B)anchoring
• C)availability
• D)confirmation

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Definitions:

Market Inefficiencies

Situations where resources are not distributed optimally in a market, often leading to a loss in economic or social value.

Pollution Permits

Licenses issued by government authorities that allow holders to emit a specific amount of pollutants over a set period, intending to control and reduce environmental damage.

Supply And Demand

A fundamental economic model describing how the quantity of goods supplied by producers and the quantity demanded by consumers determine the price and quantity of goods and services in a market.

Gas Tax

A government-imposed tax on the sale of gasoline, primarily used to fund transportation infrastructure projects.