Basing the Estimate of an Event on How Similar It

question 7

Multiple Choice

Basing the estimate of an event on how similar it is to the prototype of that event is called

• A) the law of small numbers.
• B) the conjunction fallacy.
• C) the representativeness heuristic.
• D) the availability heuristic.

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Definitions:

Disaffirm

To reject or deny the validity of; often used in legal contexts where a party may disaffirm a contract.

Ratified

The process in which an agreement, treaty, or contract has been officially confirmed or sanctioned, making it legally binding.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, aimed at harmonizing laws across state boundaries.

Disaffirm

The legal act of rejecting or voiding a contract or agreement, particularly used in the context of minors who wish to void contracts entered into before reaching the age of majority.