Which of the Following Describes the Representativeness Heuristic

question 9

Multiple Choice

Which of the following describes the representativeness heuristic?

• A) when people judge probabilities on the basis of similarity.
• B) when people judge the probability of an event by the ease of which previous instances come to mind
• C) when two events that can occur separately are seen as more likely to occur together
• D) when people base estimates and decisions on familiar positions and then adjust for the final answer
• E) when people view something that has happened as having been relatively inevitable before it happened

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Definitions:

Earrings

Are jewelry or ornaments worn attached to the earlobes or through holes pierced in the ears, available in various designs and materials.

Utility Function

An economic model representing the preferences of an individual or entity over a set of goods or services, quantifying satisfaction or utility derived from consumption.

Compensating Variation

A measure of the change in income that would leave a consumer's utility unchanged before and after a change in price or economic environment.

Consumption

The act of using goods and services for personal needs or to generate utility.