The Fact That We Tend to Behave Differently in Different

question 95

Multiple Choice

The fact that we tend to behave differently in different situations has led Walter Mischel to contend that behavior tends to be

• A) situationally specific.
• B) situationally consistent.
• C) reliable.
• D) situationally similar.

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Definitions:

Lottery

A form of gambling that involves the drawing of numbers at random for a prize, often analyzed for its economic impact and decision-making under uncertainty.

Probability

A measure of the likelihood that an event will occur, ranging from 0 (impossibility) to 1 (certainty).

Expected Utility Function

A concept in economics that represents an individual's preference for certain outcomes over others, calculated as a weighted average of the utility of all possible outcomes, based on their probabilities.

Utility Function

In economics, a mathematical representation that ranks individuals' preferences over sets of goods and services, indicating the level of satisfaction or utility they obtain.