It Is Difficult for Small Manufacturers to Convert to a Pure

question 86

True/False

It is difficult for small manufacturers to convert to a pure system of everyday low pricing.

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Definitions:

Law of Small Numbers

The erroneous belief that small samples will accurately represent the larger population from which they are drawn.

Law of Small Numbers

A cognitive bias that leads people to draw broad conclusions from small samples of data.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Gambler's Fallacy

The erroneous belief that if a particular event occurs more frequently than normal during the past, it is less likely to happen in the future, or vice versa, in situations that are truly random.