Malcolm Has Been Watching a Roulette-Type Game at a Local

question 229

Multiple Choice

Malcolm has been watching a roulette-type game at a local charity bazaar.The game has only ten numbers on the wheel,and every number except 8 has come up as a winner during the last 15 minutes.Malcolm decides to bet $10 on number 8,because it has to come up eventually.In this case,Malcolm is showing evidence of

• A) the availability heuristic.
• B) the gambler's fallacy.
• C) the base rate fallacy.
• D) the conjunction fallacy.

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Definitions:

Equivalent Unit

A measure used in cost accounting to express the amount of work done on partially completed goods in terms of fully completed units.

Materials

Raw inputs or supplies used in the manufacturing process to produce goods or services.

First Processing Department

The initial stage in a manufacturing process where raw materials are first transformed into work-in-process items.

Fermenting Department

A specialized section within a manufacturing process where biological fermentation of products occurs, such as in beer or pharmaceutical production.