Examlex
The monopoly sets its product _______ based on the _______ curve it faces, and monopsony sets its factor _______ based on the _______ curve it faces.
Functional Fixedness
A cognitive bias that limits a person to using an object only in the way it is traditionally used, hindering problem-solving and creativity.
Anchoring
A cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered when making decisions (the "anchor").
Adjustment Heuristic
A mental shortcut used to make decisions or judgments based on how easily an example, instance, or case comes to mind.
Framing Effect
The influence of context or wording on people's decisions and judgments.
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