Imagine a Game Show on Television Where One Lucky Contestant

question 6

Multiple Choice

Imagine a game show on television where one lucky contestant is presented with four upside-down buckets that are numbered 1, 2, 3, and 4. Under one of the buckets is a $100 bill. Under each of the other three buckets is a $10 bill. After the game ends, the contestant will receive the amount of money that is under his or her bucket.
The host of the game show asks the contestant to choose one of the four buckets. After the contestant makes a choice, the host lifts one of the remaining three buckets to reveal a $10 bill under it. At this point, three buckets remain uncovered: the bucket that the contestant originally chose and the two buckets that were not uncovered by the host.
The host subsequently asks the contestant if he or she would like to keep the original bucket or change buckets to one of the two other buckets remaining.

-Suppose a student tosses a fair coin consecutively ten times and gets tails each time. If the student concludes that the next toss will be heads because heads "is due," the student has committed the:

• A) hot-hand fallacy.
• B) casino's fallacy.
• C) gambler's fallacy.
• D) dealer's fallacy.
• E) NBA fallacy.

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Definitions:

Prospective Customer

An individual or organization considered likely to purchase goods or services in the future, often targeted in marketing efforts.

Household Use

Pertains to products or services designed for regular consumption or utilization within a domestic setting.

Genuine Benefits

The real advantages or positive outcomes that consumers receive from using a product or service, which meet or exceed their expectations.

Personal Selling

A face-to-face sales technique where a seller aims to persuade a buyer to purchase a product or service, focusing on customer needs and relationship building.