Carol Is Asked to Rate Her Husband in Terms of How

question 103

Multiple Choice

Carol is asked to rate her husband in terms of how helpful he is with the household chores.Because she cannot think of a single instance of helpful behavior,she gives him a very low rating.Carol relied on______________to make her judgment.

• A)counterfactual thinking
• B)the base-rate fallacy
• C)the availability heuristic
• D)a confirmation bias

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Definitions:

Price Elasticity

A metric indicating the responsiveness of the quantity of a good demanded to its price change, presented in percentage terms.

Demand

In economics, the desire and ability of consumers to purchase goods and services at given prices.

Revenue Maximizing Price

The price at which a company can sell its product or service to generate the maximum total revenue, considering factors like demand and price elasticity.

Football Tickets

Passes that allow entry to football (soccer or American football) games, often purchased by fans to watch their favorite teams play.