In the Context of Biases and Heuristics That Affect an Individual's

question 43

Multiple Choice

In the context of biases and heuristics that affect an individual's decision-making strategies,_____ refers to the fact that people are reluctant to give up on a venture because of past investment.

• A)sunk cost fallacy
• B)endowment effect
• C)hindsight bias
• D)object permanence

---

Definitions:

Identify Opportunities

The process of recognizing and evaluating potential avenues for growth, investment, or enhancement in various contexts.

Environment

The surrounding conditions in which a person, plant, or animal operates, including natural, social, and cultural factors.

Alertness

The ability to be quick to notice and respond to potential opportunities or threats.

Group Brainstorming

A collaborative idea generation technique where a group of people come together to solve a problem or generate creative ideas.