Errors That People Make Over and Over and That Result

question 49

Multiple Choice

Errors that people make over and over and that result in poor decision making are known as:

• A)recency effect
• B)illusion of control and overconfidence bias
• C)confirmation bias
• D)representative bias
• E)systematic errors

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Definitions:

Product Depth

The variety of versions or options of a specific product that a company offers within a particular product line.

Online Retailing

The selling of goods and services through the internet, enabling customers to shop from anywhere without the need for a physical store presence.

Full Line Discount Stores

Retail outlets that offer a wide range of products at reduced prices, covering various categories from groceries to electronics.

Specialty Discount Stores

General merchandise outlets that offer a wide selection of merchandise within a single category.