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Assessment
Which of the following best describes the concept of 'anchoring' in behavioral economics?
Relying heavily on the first piece of information encountered when making decisions.
The tendency to overvalue items that are scarce in availability.
The preference for immediate gratification over long-term rewards.
Shifting consumer preferences based on social influences.
What is a common behavior of art collectors that reflects 'loss aversion'?
They tend to overprice their artworks on resale due to emotional attachment.
They frequently donate artworks to museums to gain tax benefits.
They buy art primarily as a financial investment.
They regularly change their collection based on current trends.
In the context of behavioral economics, what does 'framing effect' mean?
The influence of how information is presented on decision-making.
The tendency to favor items that are shown in a competitive auction setting.
The preference for investing in art from familiar artists.
The effect of social proof on purchasing behavior in the art market.
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