Which of the Following Is an Example of an Availability

question 109

Multiple Choice

Which of the following is an example of an availability heuristic?

• A) being more afraid of flying than driving because of heavy media coverage of airplane crashes
• B) believing that a friend failed a test due to lack of intelligence, whereas you failed the test because you were unable to study due to various factors
• C) being more afraid of bees than sharks because more people are stung by bees than hurt by sharks each year
• D) being more upset about missing an important flight by a few minutes than about missing it by several hours

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Definitions:

Two-Tiered Wage

A pay scale system that offers a higher wage tier for current employees and a lower wage tier for new hires for the same job.

Monopoly Power

The ability of a single seller to influence the price and production levels in the market.

Labor Union

An organization of workers formed to protect and advance their interests, including wages, benefits, and working conditions.

Bilateral Monopoly

A market situation where there is only one buyer (monopsony) and one seller (monopoly), negotiating terms of exchange or price.