When Confronted with a Choice,people with Strong Prior Beliefs Tend

question 51

Multiple Choice

When confronted with a choice,people with strong prior beliefs tend to make their decisions based on their beliefs even if their beliefs are false.This is known as ____.

• A)prior-hypothesis bias
• B)narrow-minded perception
• C)tunnel vision bias
• D)the curse of knowledge
• E)single-vision stereotyping

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Definitions:

Non-discriminating Monopolist

A monopolist who charges a single price for all units of output sold, unlike price-discriminating monopolists who charge different prices.

Marginal Revenue

It refers to the additional income earned from selling one more unit of a good or service.

Demand Schedule

A table that lists the quantity of a good or service that consumers are willing to buy at various prices.

Total Revenue Schedule

A table or graph that shows the total revenue a firm can expect to receive at various levels of output, assuming a constant price.