When You Use the Representativeness Heuristic, You Are

question 157

Multiple Choice

When you use the representativeness heuristic, you are

• A)making frequency estimates based on the ease with which things come to mind
• B)overcoming functional fixedness
• C)mistaking visual images and other forms of mental representations for reality
• D)basing your judgments on the extent to which an event matches your expectations

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, influencing consumer behavior and market dynamics.

Unity

The state of being united or joined as a whole, often used to denote a sense of togetherness or harmony.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Total Revenue

The total amount of money earned by a firm from the sale of its products or services before any costs or expenses are subtracted.