_________Occurs When Focusing Only on Information That Confirms a Decision

question 206

Multiple Choice

_________occurs when focusing only on information that confirms a decision already made.

• A)Framing error
• B)Satisficing
• C)Heuristics
• D)Confirmation error
• E)Escalation error

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Definitions:

Normal Goods

Goods for which demand increases when consumer income rises, and decreases when consumer income falls.

Consumption

The use of goods and services by households or individuals, constituting one of the primary components of an economy's aggregate demand.

Consumer Preferences

The inclinations or choices of individuals or groups regarding various goods and services that reflect taste, convenience, affordability, and other factors.

Marginal Rate of Substitution

The rate at which a consumer is willing to give up one good in exchange for another, keeping utility constant.