A Professor Asks Students to Guess What Percent of People

question 46

Multiple Choice

A professor asks students to guess what percent of people in homeless shelters are parents and children.Before you can consider your answer,another student shouts out "about 10%." Your answer may be either higher or lower than it would be otherwise because of

• A)the belief-bias effect.
• B)the confirmation bias.
• C)the anchoring and adjustment heuristic.
• D)the hindsight bias.

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Definitions:

Sequential Entry

A market entry strategy where firms enter the market one after another, often in a deliberate order or sequence.

Marketing Rights

The permissions or licenses which a business or individual owns to market or sell a specific product, service, or intellectual property within a given territory.

Dominant Strategy

A dominant strategy is the best course of action for a player no matter what the other players do, in game theory and economic strategy.

Nash Equilibria

A concept in game theory where no player can benefit by changing strategies if others keep their strategies unchanged.