We Are More Likely to Assume a Name Is That

question 58

Multiple Choice

We are more likely to assume a name is that of a famous person if we have heard it multiple times. Which concept best describes why this happens

• A) representativeness heuristic
• B) hindsight bias
• C) availability heuristic
• D) confirmation bias

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Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of the operation increases.

Exclusive Franchise

A business arrangement granting a single entity the right to market a company's goods or services within a specified territory.

Deregulation

The process of reducing or eliminating government controls or restrictions on industries to promote efficiency and competition.

Industrial Regulation

Policies and rules implemented by governments to control or manage the activities, standards, and behaviors of industries and their participants.