Stores That Carry Tremendous Depth in One Primary Line of Merchandise

question 3

Multiple Choice

Stores that carry tremendous depth in one primary line of merchandise are referred to as

• A) hypermarkets.
• B) intertype outlets.
• C) scrambled merchandise stores.
• D) limited-line stores.
• E) single-line stores.

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Definitions:

Confirmation Error

A bias in decision-making where individuals favor information that confirms their pre-existing beliefs or hypotheses.

Confirmation Error

A cognitive bias that involves favoring information that confirms pre-existing beliefs or values, while disregarding evidence that contradicts them.

Escalating Commitment

The phenomenon where people increase their investment in a decision despite new evidence suggesting that the decision was wrong.

Framing Error

A cognitive bias where information is presented or perceived in such a way that it leads to incorrect conclusions or decisions.