24.. High-end retailers spend a lot on architecture, displays, and packaging in

Question

24.. High-end retailers spend a lot on architecture, displays, and packaging in order to take advantage of the: A. Hindsight bias B. Confirmation bias C. Availability heuristic raming effect 25. When the buyer of a new car elects to pay $700 to have it equipped with a $200 music system, he is responding to A. inherent preferences. B. relative comparison. C. anchoring. D. mental accounting. 26. Neoclassical economics assumes that people have the following characteristics, except A. They are stable and definite in their tastes and preferences B. They are good at assessing future options as they are in assessing current ones C. They are driven by their pursuit of maximum satisfaction D. They care deeply about fairness and are often generous 27. Regarding people's preferences, behavioral economists observe that these preferences are: A. Stable and not affected by context B. Fluid and easily influenced by framing C. Readily and accurately predictable D. Consistent from one period to the next 28. The fact many people give to charity, and the fact that most people obey the law regardless of whether someone's watching or not, are field evidence for A. The invisible hand B. Fairness C. Self-interest D. Cognitive biases 29. One important consequence of the confirmation bias is that: A. Some people cannot correct a personal trait that might be causing them to fail in many ventures B. Someone could persist in pursuing a failed policy despite overwhelming evidence of the failure C. Bad decisions can be made because people will act without pausing to see whether their intuition is correct or not D. Some people may wrongly believe in their forecasting ability to predict future outcomes of risky investments 30. Wall Street bosses who believed that the huge profits of their firms prior to the financial crisis that started in 2007 was their personal accomplishment, and that the financial crisis was due to overregulation by government illustrates the: A. Confirmation bias B. Framing effect C. Hindsight bias D. Self-serving bias

Explanation / Answer

24 Framing Effect

Retailers did this just show available facts to the customers so that customers will react differently because it will be presented well in front of them.This concept help in developing understanding of frame analysis within social movement .

25. Inhereant preference

It is when buyer of new car happiness is more than extra money spent... Effect of happiness is more than higher price

26. They care deeply about fairness and are often generous

As they look for maximum profits This neoclassical stipulates that a good often has value that goes above and beyond so they don't focus on fair prices their motive is to earn high profits.

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