If You Are Using the Availability Heuristic,what Are You Using

question 104

Multiple Choice

If you are using the availability heuristic,what are you using to estimate the probability of an event

• A) the ease with which relevant instances of the event come to mind 
• B) how long it has been since the event last occurred 
• C) whether the event occurs in combination with another event 
• D) how similar it is to the prototype of that event

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Definitions:

Cross-price Elasticity

A measure of how the demand for one good responds to a change in the price of another good.

Shrimp

A small, decapod crustacean commonly found in marine and freshwater environments, often used as food.

Midpoint Formula

A method used to calculate the elasticity of demand or supply by averaging the start and end points of a range.

Price Elasticity

A gauge for the sensitivity of the amount of a good that is demanded or offered to alterations in its pricing.