The _____ Occurs When People Assess Likelihood of Something Happening

question 20

Multiple Choice

The _____ occurs when people assess likelihood of something happening based on its similarity to a stereotyped set of occurrences.

• A) availability bias
• B) lack-of-participation error
• C) representativeness bias
• D) confirmation error
• E) adjustment bias

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Definitions:

Investment Center

A segment or area of a business responsible for its own revenues, expenses, and investment in assets.

Controllable Margin

The portion of profit or income that can be directly influenced by managing decisions, excluding fixed costs and other unchangeable expenses.

Operating Assets

Assets that are used in the day-to-day operations of a business to generate revenue, such as equipment, inventory, and property.

Return on Investment

A measure used to evaluate the efficiency or profitability of an investment, calculated by dividing the profit earned on the investment by the cost of the investment.