When People Change Their Decision Just Because the Context of the Given

question 204

True/False

When people change their decision just because the context of the given information is changed, we call that the "framing effect."

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Definitions:

Annual Profit

The financial gain made by a business over the course of a year, calculated as total revenue minus total expenses.

Insurance Company

A business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment, or hardship in exchange for premium payments.

Standard Deviation

An indicator of the spread or diversity within a dataset, showing to what extent the individual numbers deviate from the dataset's average.

Independent

Referring to variables in a statistical model that are not influenced by other variables in the model, suggesting no association between them.