Fixating on a Preconceived Notion and Ignoring Information That Points

question 60

Short Answer

Fixating on a preconceived notion and ignoring information that points to other possibilities is known as ____________ .

---

Definitions:

Budget Line

A graphical representation of all possible combinations of two goods that an individual can afford, given their income and the prices of the goods.

Money Income

The overall sum of financial income earned by a person or family, comprising earnings from employment, salaries, and various other income types.

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that provide equal satisfaction and utility to a consumer.

Budget Lines

A graphical representation of all possible combinations of two goods which a consumer can purchase at given prices and within the constraints of his/her income.