Incorrectly Estimating That the Odds of Two Uncertain Events Happening

question 89

Multiple Choice

Incorrectly estimating that the odds of two uncertain events happening together are greater than the odds of either event happening alone is known as the ​

• A)conjunction fallacy.
• B)alternative outcome effect.
• C)gambler's fallacy.
• D)base rate fallacy.

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Definitions:

Inputs

Resources used in the process of production, including labor, capital, materials, and energy.

Marginal Product

The additional output generated by using one more unit of a particular input, holding other inputs constant.

Inventory

The goods and materials a business holds for the ultimate goal of resale, production, or utilization.

Labor Hours

The total amount of time workers spend working in a given period, typically measured in hours per day, week, or year.