Cognitive Biases Are

question 6

Multiple Choice

Cognitive biases are:

• A) systematic distortions of otherwise correct thinking processes
• B) biases that happen due to inauthentic behavior
• C) a term to describe someone's racial prejudices
• D) misperceptions that happen when one is emotional
• E) none of the above

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Definitions:

Market Demand Curve

represents the total quantity of a good or service that consumers in a market are willing and able to purchase at different prices.

Quantity Demanded

The total amount of a good or service consumers are willing and able to purchase at a specific price.

Price

The amount of money expected, required, or given in exchange for an item or service in a market.

Normal Good

A good for which demand increases as the income of consumers increases, and vice versa.