When People Change Their Decision Just Because the Context of the Given

question 204

True/False

When people change their decision just because the context of the given information is changed, we call that the "framing effect."

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Definitions:

Plastic

A synthetic material made from a wide range of organic polymers that can be molded into shape while soft, and then set into a rigid or slightly elastic form.

Wood

The hard, fibrous structural tissue found in the stems and roots of trees and other woody plants.

Cost Function

A mathematical relationship that describes how the costs incurred by a firm vary with the level of output or activity.

Output

Refers to the quantity of products or services produced by a business, industry, or economy.