People Generally Prefer a Choice That Provides an 80% Chance

question 99

Multiple Choice

People generally prefer a choice that provides an 80% chance of success over one that provides a 19% chance of failure. This illustrates the effect of

• A)the availability heuristic.
• B)the representativeness heuristic.
• C)framing.
• D)mental set.

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Definitions:

Fried Twinkie

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The earnings above the normal profit that producers receive due to an imposed quota, limiting the quantity of goods available.

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