Students Are Told That "2-4-6" Is One Example of a Rule;

question 27

Multiple Choice

Students are told that "2-4-6" is one example of a rule; they are asked to determine what the rule is. Many students assume the rule is "three consecutive even numbers" and fail to check whether 1-3-5 is also an example of the rule, or even 1-10-11. What mistake in reasoning have they made?

• A) reliance on availability heuristic
• B) confirmation bias
• C) reliance on representativeness heuristic
• D) failure to consider base-rate information

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Definitions:

Supply

The total amount of a product or service available for purchase at any given price level.

Quantity Supplied

The total amount of a product or service that producers are willing and able to sell at a given price in a specific time period.

Supply

The aggregate supply of a certain item or service made available for consumer purchase.

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.