You Don't Particularly Like to Shop So Only Go to the Mall

question 60

Multiple Choice

You don't particularly like to shop so only go to the mall once a month. To help make the trek more enjoyable, you always have lunch at the restaurant located inside the mall. Since you are such a creature of habit, you always order the same meal. You've noticed that the price of that meal has increased every time you have been there over the past six months. Thus, you expect the meal to increase in price next month. This is an example of which one of the following?

• A) Recency bias.
• B) Anchoring and adjustment.
• C) Frame dependence.
• D) Aversion to ambiguity.
• E) Clustering illusion.

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Definitions:

Ethical Expectations

Standards of moral behavior and professional conduct expected by individuals or organizations.

Ethical Behavior

Refers to actions that are consistent with what society, individuals, and businesses consider to be right or moral.

Conflict of Interest

A situation in which a person's personal interests could potentially influence their professional judgment or responsibilities.

Conflict of Interest

A situation in which an individual's personal interest might interfere with their professional obligations or duties.