If Our Experiences Include Some Unforgettable Events, We Might Overestimate

question 6

Multiple Choice

If our experiences include some unforgettable events, we might overestimate how often those kinds of events occur. This is called

• A)belief perseverance
• B)a confirmation bias
• C)the availability heuristic
• D)the a priori heuristic

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Definitions:

Fiduciary Duty

An obligation one party (fiduciary) has to act in the best interest of another (the principal) in situations that require trust, honesty, and loyalty.

Compete

To engage in an effort to win or achieve something, such as business or market share, by excelling over others.

Reimbursed

To be reimbursed means to receive repayment for money that has been spent or lost, usually as a result of conducting business or performing tasks on behalf of another.

Apparent Authority

A situation where a person appears to have been given the power to act on behalf of another, even if no actual authority was granted.