What Do Escalator and Aspirin Have in Common

question 29

Multiple Choice

What do escalator and aspirin have in common?

• A) ​They were once generic brands.
• B) ​They are both private-label brands.
• C) They are protected by copyright.
• D) ​Their brands did not sufficiently explain their benefits.
• E) ​Their brand names were not sufficiently protected.

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Definitions:

Anchoring

Overestimation of the importance of a factor by focusing on it to the exclusion of other relevant factors.

Framing

The way information is presented so as to emphasize either a potential gain or a potential loss as the outcome.

Representativeness Heuristic

is a cognitive shortcut where the likelihood of an object belonging to a category is assessed based on its similarity to a typical case from that category.

Heuristics

Mental shortcuts or rules of thumb that ease the cognitive load of making a decision, often leading to approximation or educated guesses.