Availability Heuristic Refers to the Tendency

question 35

Multiple Choice

Availability heuristic refers to the tendency:

• A) to choose an alternative that is good enough rather than the best.
• B) for people to influence an initial anchor point.
• C) to evaluate probabilities of events or objects by the degree to which they remember other events or objects.
• D) to estimate the probability of something occurring by how easily we can recall those events.
• E) for decision makers to evaluate alternatives sequentially rather than comparing them all at once.

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Definitions:

Cartel

A group of firms acting in unison

Market Power

The ability of a single economic actor (or small group of actors) to have a substantial influence on market prices.

Employer Association

An organization of employers united to promote and protect their common interests, typically related to labor and employment issues.

Working Conditions

The environment in which an employee works, including aspects like safety, amenities, workload, and work hours, which directly affect their physical and psychological health.