According to the Representative Heuristic, You Are More Likely to Assume

question 56

Multiple Choice

According to the representative heuristic, you are more likely to assume that someone you just met is an architect if:

• A)you recently watched a television show about architects.
• B)that person has many of the characteristics of an architect.
• C)you also happened to meet two other architects earlier in the day.
• D)it has been a long time since you last met an architect.

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Definitions:

Monopolist

An entity that is the sole provider of a particular good or service, thereby controlling the entire market for that good or service.

Industry

Industry refers to the production of goods or services within an economy, characterized by various sectors such as manufacturing, technology, and services.

Maximum Profit

The highest possible financial gain a business can achieve in a given period, calculated by maximizing the difference between total revenues and total costs.

Per Month

A time frame or billing period referring to the activities or costs accrued within a single month.