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Bart and Lisa Are Playing a Coin-Tossing Game Where Each

question 5

Multiple Choice

Bart and Lisa are playing a coin-tossing game where each player tosses a fair coin 20 times consecutively. The winner of the game is the player who tosses the most consecutive tails. Bart decides to go first and tosses tails five times in a row. Marge and Homer are observing the game and make the following observations before Bart attempts the sixth toss: Marge: "The probability of Bart tossing tails has to be greater than 75% because he is on a roll!"
Homer: "No, Marge, the probability of Bart tossing tails has to be less than 25% because he hasn't tossed heads in the last five tosses and he is due to toss heads!"
A behavioral economist would conclude that Marge's statement is an example of the __________, and Homer's statement is an example of the ___________.

Definitions:

Father Charles Coughlin

A controversial Roman Catholic priest from Canada who became famous in the United States for his politically charged radio broadcasts in the 1930s.

Listeners

Individuals who actively engage in the act of listening, often implying an audience or recipients in communication scenarios.

Socialists

Individuals or groups advocating for a political and economic system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

WPA Program

A central part of the New Deal, the Works Progress Administration was a large federal employment program in the United States during the Great Depression, aimed at creating jobs for unemployed Americans.