Figure 4-11 ​

question 178

Short Answer

Figure 4-11
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-Refer to Figure 4-28. Using the points on the figure, describe the change that would occur if a news report stated that the price of this good was expected to increase next week.

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Definitions:

Confirmation Bias

The tendency to interpret, seek out, and create information that confirms one's preexisting beliefs or hypotheses.

Unintended Racism

Racial prejudice and discrimination that occur unintentionally, often as a result of implicit biases.

Representativeness Heuristic

Estimating the likelihood of events in terms of how well they seem to represent, or match, particular prototypes; may lead us to ignore other relevant information.

Availability Heuristic

Estimating the likelihood of events based on their availability in memory; if instances come readily to mind (perhaps because of their vividness), we presume such events are common.