Examlex
The price of good A falls by 10 percent and quantity of good A demanded does not change. We conclude that the demand for good A is
Perceptual Distortion
An error in how we interpret or understand sensory information, causing us to misjudge part of our environment or social interactions.
Primacy Effect
A cognitive bias that results in a person recalling information presented at the beginning of a list better than information in the middle or end.
Selective Attention
The cognitive process of focusing on a particular object, event, or process while ignoring others, in a limited capacity of awareness.
Contrast Effect
A cognitive bias where the difference between two things is exaggerated because they are compared directly to each other.
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