James Is Asked About What Is the Best Way to Study

question 50

Multiple Choice

James is asked about what is the best way to study for an exam.He responds that the best way to study is by making flash cards.He easily thinks of all the times he used flash cards and he made A's.However,he fails to take into consideration all the times he made A's and did not use flash cards and the times he used flash cards and did not do well.His faulty thinking is an example of:

• A) Oversimplification bias
• B) Availability heuristic
• C) Present/present bias
• D) Asking biased questions
• E) Cherry-picking evidence

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Definitions:

Reduced Cost

In optimization, the amount by which an objective function's value could decrease by increasing a non-basic variable by one unit.

Projected Revenue

An estimated amount of money that an organization, project, or product is expected to generate over a specific period in the future.

Total Suites

The complete count of sets or groups of rooms designed for use together.

Price/Demand Elasticity

Price/Demand Elasticity measures the responsiveness of the demand for a good or service to changes in its price, indicating how quantity demanded is affected by price alterations.