Which One of the Following Is the Tendency to Believe

question 67

Multiple Choice

Which one of the following is the tendency to believe that random events that occur in clusters are not really random?

• A)clustering illusion
• B)sequential clustering
• C)random grouping
• D)representativeness heuristic
• E)gambler's fallacy

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Definitions:

Elasticities

Measures of how much the quantity demanded or supplied of a good responds to changes in price, income, or other factors.

Demand

The total quantity of goods or services that consumers are willing and able to purchase at a given price level in a market.

Supply

The total amount of a specific good or service that is available to consumers in a market at a given time and price.

Elastic

Describes a situation in which a change in price leads to a significant change in the quantity demanded or supplied of a good or service.