Collier Is Leafing Through a Stack of Questionnaires That Have

question 95

Multiple Choice

Collier is leafing through a stack of questionnaires that have been completed by adult males in a research study.One respondent has listed his height as 6 feet, 5 inches, but the occupation is difficult to read.It might be basketball player or bank president.Collier decides it must be basketball player and enters that information into the computer.In this case, Collier has probably based his decision on:

• A)the representativeness heuristic
• B)the availability heuristic
• C)anchoring and adjustment
• D)a means-ends analysis of the data

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Definitions:

Raise Price

The act of increasing the cost at which a good or service is sold, which can affect demand, revenue, and profit margins.

Lose Sales

The phenomenon of experiencing a reduction in the number of units sold or in total revenue.

Competitive Price-searcher

A market condition where businesses actively seek to determine the optimal pricing of their goods or services relative to their competitors to gain market share.

Entry Barriers

Obstacles that make it difficult for new competitors to enter a market.