When People Are Asked Which Is More Common,death by Homicide

question 48

Multiple Choice

When people are asked which is more common,death by homicide or death by stroke,they often choose homicide because they hear more about murders than they do about strokes.In this instance,people are led astray in their judgments by:

• A)the representativeness heuristic.
• B)stereotypic bias.
• C)confirmation bias.
• D)the availability heuristic.

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Definitions:

Value of Resources

The worth or utility of resources based on their ability to contribute to production or satisfy needs.

Competitive Market

A market structure characterized by a large number of sellers and buyers, where no single entity can influence the market price.

Economic Profits

A recalculated measure of return on investment that includes both visible and hidden costs, indicating real profitability over and above all expenses.

Goods Value

Goods value represents the importance, worth, or usefulness of a product or service to buyers, often determined by its price, quality, and utility.