The Tendency for People to Judge the Frequency or Likelihood

question 68

Multiple Choice

The tendency for people to judge the frequency or likelihood of an event by the ease with which they can imagine or mentally visualize it is known as the ____.

• A)representativeness heuristic
• B)anchoring and adjustment heuristic
• C)simulation heuristic
• D)confirmation bias

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.

Google Chromecast Adapters

Devices that plug into a television's HDMI port to enable streaming content from mobile devices or computers to the TV screen.

Online Movie Rentals

The service of renting movies through the internet, allowing users to stream or download films and TV shows for a fee or subscription.

Demand for Good X

The desire and ability of consumers to purchase a specific quantity of Good X at various prices during a certain time period.