Confirmation Bias Refers to the Tendency to

question 56

Multiple Choice

Confirmation bias refers to the tendency to

• A)not see a problem from a new perspective.
• B)cling to one's initial conceptions after the basis on which they were formed has been discredited.
• C)search randomly through alternative solutions when problem solving.
• D)look for information that is consistent with one's beliefs.

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Definitions:

Coke and Pepsi

Refers to a classic example of duopoly in economics, representing competition between two dominant firms in a market.

Perfect Complementarity

Refers to a situation in consumer choice theory where two goods are always consumed together in fixed proportions because one is perfectly complementary to the other.

Engel Curve

A graph showing the relationship between the income of a consumer and the amount of a good that the consumer buys, illustrating how spending on a good varies with income.

Left and Right Shoes

Items that are perfect complements in consumption, where the use of one without the other is generally considered incomplete or unsatisfactory.