If You Spend the Day Imagining the Outcome of the Upcoming

question 89

Multiple Choice

If you spend the day imagining the outcome of the upcoming football game,and then a friend asks you what your favorite sport is and you say "football" even though before today basketball was actually your favorite,you have used and/or experienced _____.

• A) confirmation bias
• B) the availability heuristic
• C) hindsight bias
• D) timing bias

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Definitions:

Single-Period Model

A decision-making framework used in inventory management for ordering and stocking products that have a one-time demand.

EOQ

Economic Order Quantity, a formula used to determine the optimal order size that minimizes the total costs of inventory, including holding and ordering costs.

Stockout Risk

Refers to the possibility that inventory levels will fall to zero, leading to a situation where customer demands cannot be fulfilled.

Fixed-Period Inventory Model

An inventory management approach where stock levels are reviewed at regular, fixed intervals, leading to variable order quantities.