Suppose That You Are Trying to Decide Whether to Buy

question 33

Multiple Choice

Suppose that you are trying to decide whether to buy tomatoes or cucumbers in a grocery store.You think about the wide variety of recipes that use tomatoes,compared with only a few recipes that use cucumbers.You are using

• A)the representativeness heuristic.
• B)the anchoring-and-adjustment heuristic.
• C)the availability heuristic.
• D)the confirmation bias.

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Definitions:

Monopoly

A market structure characterized by a single seller who has total control over a particular product or service.

Market Share

A firm’s fractional share of the relevant market.

Antitrust Violation

An action or behavior that violates laws designed to promote competition and protect consumers and the market from unfair business practices, such as monopolies or cartels.

Flower Shops

Retail establishments that sell flowers, floral arrangements, and other related items.