You Don't Particularly Like to Shop So Only Go to the Mall

question 2

Multiple Choice

You don't particularly like to shop so only go to the mall once a month.To help make the trek more enjoyable,you always have lunch at the restaurant located inside the mall.Since you are such a creature of habit,you always order the same meal.You've noticed that the price of that meal has increased every time you have been there over the past six months.Thus,you expect the meal to increase in price next month.This is an example of which one of the following?

• A)recency bias
• B)anchoring and adjustment
• C)frame dependence
• D)aversion to ambiguity
• E)clustering illusion

---

Definitions:

Balance Of Payments

A comprehensive record of all transactions made between entities in one country and the rest of the world over a specified period of time.

Child Labor

The employment of children in any work that deprives them of their childhood, interferes with their ability to attend regular school, and is mentally, physically, socially, or morally dangerous and harmful.

Educational Opportunities

The access and availability of options for learning and education available to individuals within a community or society.

Technological Change

Innovation or improvements in technology that enhance productivity, efficiency, or quality in the production of goods and services.