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Suppose James and Katherine are successful in establishing a profitable market for their "ghost restaurants" in what is a monopolistically competitive industry.In the long run, James and Katherine will most likely find it ________ to remain profitable as they face ________ competition in the "ghost restaurant" market.
Loss Aversion
The tendency to strongly prefer to avoid losses compared to attempting to acquire gains.
Hindsight Bias
The inclination to see events as having been predictable, after they have already occurred.
Confirmation Bias
The inclination to seek out, understand, prefer, and remember data in a manner that affirms someone's already held beliefs or assumptions.
Selection Bias
A statistical bias in which there is an error in choosing the individuals or groups to participate in a study, leading to results that are not representative of the broader population.
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