People's Tendency to Prefer the "Default" Option Over Other Options

question 32

Multiple Choice

People's tendency to prefer the "default" option over other options is known in prospect theory as

• A)the anchoring effect.
• B)the mental accounting effect.
• C)status quo bias.
• D)confirmation bias.

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Definitions:

Transactional Style

A management approach focusing on the transactions or exchanges between leaders and their followers, often involving rewards or punishments.

Transformational Leader

A leadership approach where an individual inspires and motivates followers to achieve extraordinary outcomes by transforming their attitudes, beliefs, and values.

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Marketing strategies designed to appeal to consumers from several age groups or generations, taking into account their varying preferences and values.

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Having a high density or intensity of a particular attribute or substance in a specific area.