It Hasn't Rained in Several Days; Therefore It Is Unlikely

question 43

Multiple Choice

It hasn't rained in several days; therefore it is unlikely to rain today. This is an example of the ________.

• A) self-serving bias
• B) availability bias
• C) representation bias
• D) randomness bias

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Definitions:

Social Regulation

Rules imposed by government to correct market failures and protect individuals and the environment from negative externalities, focusing on areas such as workplace safety, environmental protection, and public health.

Natural Monopolies

Natural monopolies occur in industries where the costs of production are lowest when only one firm provides the product or service, often due to high infrastructure costs making competition impractical.

Too Much Labor

A situation where there is an excess supply of labor in the market, leading to unemployment or underemployment.

Sherman Act

A landmark federal statute in the field of United States antitrust law passed in 1890 to prohibit monopolies and restrict business practices that reduce market competition.