The Term ________ Refers to the Tendency for People to Rely

question 43

Multiple Choice

The term ________ refers to the tendency for people to rely too heavily on one piece of information to adjust their estimates, even if it is irrelevant.

• A) availability bias
• B) confirmation bias
• C) anchoring
• D) planning fallacy

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Definitions:

Anticompetitive Practices

Business strategies or actions that reduce or eliminate competition in a market, often examined and regulated by governmental antitrust agencies.

Monopoly Power

Monopoly power refers to the ability of a single firm or entity to control or dominate an entire market, setting prices and output levels without competition.

Illegal Lobbying

Lobbying activities that violate laws or regulations, often involving corruption or undue influence on government officials.

Antitrust Violation

An action or conduct that undermines the competitive process, including practices deemed unlawful under antitrust laws, such as monopolization, cartels, and mergers that reduce competition.