Basing One's Attitudes on a Few Unusually Good or Bad

question 245

Short Answer

Basing one's attitudes on a few unusually good or bad experiences with a person, group, object, or institution is known as __________.

---

Definitions:

Average Revenue

Total revenue from the sale of a product divided by the quantity of the product sold (demanded); equal to the price at which the product is sold when all units of the product are sold at the same price.

Elasticity Coefficient

A numerical value that measures the responsiveness of the quantity demanded or supplied of a good to a change in its price or other factors.

Marginal Revenue

The additional income that is generated by selling one more unit of a product or service.

Nondiscriminating Monopolist

A monopolist that charges all consumers the same price for its product or service.