The Availability Heuristic Refers to Our Tendency to

question 41

Multiple Choice

The availability heuristic refers to our tendency to

• A) overestimate the accuracy of our judgments.
• B) estimate the likelihood of an event based on how easily we remember instances of its occurrence.
• C) search for information that is consistent with our preconceptions.
• D) cling to our initial conceptions,even though they have been discredited.

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Definitions:

Market Price

The current price at which a good or service can be bought or sold in a marketplace, subject to fluctuations based on supply and demand dynamics.

User Cost

The cost associated with the use of a natural resource or capital, factoring in depreciation or depletion of the resource.

User Cost

The opportunity cost of utilizing a good or service, often considering factors like depreciation and the potential benefit from alternative uses.

Resource Extraction

The process of obtaining raw materials from the natural environment, such as mining for minerals, drilling for oil, or logging forests, often associated with significant environmental impact.