Which of the following are examples of cognitive biases that can influence consumer behaviour?
A) Confirmation bias
B) Loss aversion
C) Sunk costs
D) All of the above

Question

Quizplus · Accepted Answer

all of the given options are examples of cognitive biases that can influence consumer behavior. 
Confirmation bias refers to the tendency to seek out information that confirms one's pre-existing beliefs or attitudes. This can influence consumer behavior by leading individuals to selectively interpret information in a way that supports their existing views, rather than considering other options. 
Loss aversion is the tendency to prefer avoiding losses over acquiring gains. This can influence consumer behavior by leading individuals to be more risk-averse when making decisions, and to value the potential threat of loss more highly than the potential gain. 
Sunk costs refer to investments that have already been made and cannot be recovered. This can influence consumer behavior by leading individuals to continue investing in a product, service, or activity even if it is not meeting their needs or expectations, due to the perceived loss involved in abandoning the investment.

Which of the Following Are Examples of Cognitive Biases That