Examlex
Which is NOT a determinant of the elasticity of demand?
Confirmation Error
A cognitive bias where individuals give more weight to evidence that confirms their existing beliefs, disregarding evidence that contradicts them.
Availability Bias
The cognitive bias that causes people to overestimate the likelihood of events based on their recallability or prominence in memory.
Confirmation Error
A cognitive bias that involves favoring information that confirms previously existing beliefs or biases.
Framing Error
A mistake in decision-making caused by misrepresenting or misinterpreting the context or information surrounding the decision.
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