In Which Statement Is the Term "Supply" Used Correctly? (1)An

question 166

Multiple Choice

In which statement is the term "supply" used correctly? (1) An increase in the number of suppliers of copper will lead to an increase in the supply of copper.(2) An increase in the number of suppliers of copper will likely lead to a decrease in the quantity supplied of copper.

• A)neither statement
• B)the first statement only
• C)the second statement only
• D)both statements
• E)more information is needed

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Definitions:

Law Of Small Numbers

A bias in which people infer patterns or make generalizations from a small sample size, which may lead to misleading conclusions.

Gambler's Fallacy

The mistaken belief that if something happens more frequently than normal during some period, it will happen less frequently in the future, or vice versa.

Availability Heuristic

A cognitive shortcut that depends on the first examples that appear in someone's mind when considering a particular subject, idea, technique, or choice.

Conjunction Fallacy

The cognitive bias where people incorrectly believe specific conditions are more probable than a single general one.