The ________ Describes How Decision Makers Fixate on Initial Information

question 14

Multiple Choice

The ________ describes how decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information.

• A) anchoring effect
• B) selective perception effect
• C) confirmation bias
• D) framing bias

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Definitions:

Binding Contract

an agreement between two or more parties that is enforceable by law, committing all involved to fulfill their obligations.

Perform

To carry out, execute, or do an action or activity.

Competent

Having the necessary ability, knowledge, or skill to perform a task effectively or to make legally binding decisions.

Adequate Market

An economic concept where there is a sufficient number of buyers and sellers for a particular product or service.