Jane Gets a Phone Call from Someone She Was Just

question 334

Multiple Choice

Jane gets a phone call from someone she was just thinking about. She concludes that whenever she thinks of someone they will call. However, she is making a mistake because she is not remembering how often she DID NOT get a call when thinking about a person. This is an example of

• A)uncertainty
• B)representativeness heuristic
• C)a problem-solving schema
• D)a failure to frame the problem
• E)confirmation bias

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Definitions:

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded.

Supply Curves

Supply curves graphically represent the relationship between the price of a good or service and the quantity of it that suppliers are willing to produce and sell.

Equilibrium Quantity

The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; the profit-maximizing output of a firm.

Flat-Rate State Income Tax

A tax system where a single tax rate is applied to all income levels, making the tax amount proportionate to income without progressive scaling.