Yves Is Called on in Class to Define the Representativeness

question 50

Multiple Choice

Yves is called on in class to define the representativeness heuristic. He answers that "it is a rule of thumb in which stimuli similar to an exemplar are believed to be more likely than stimuli that are dissimilar." Which part of his definition is incorrect?

• A)a rule of thumb
• B)similar to an exemplar
• C)believed to be more likely
• D)stimuli that are dissimilar

---

Definitions:

Elasticity Coefficient

A measure that indicates how much the quantity demanded of a good or service changes in response to a change in price.

Average Revenue

The revenue a company receives for selling one unit of a product, or the total revenue divided by the quantity of products sold.

Product Differentiation

A marketing strategy that involves distinguishing a product or service from others in the market to attract a specific target audience.

Pure Competition

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to price determination by supply and demand.