Which Statement About Heuristics Is Correct

question 16

Multiple Choice

Which statement about heuristics is correct?

• A)The availability heuristic occurs when people use information from memory as a basis for assessing a current situation or event.
• B)The representativeness heuristic occurs when people assess the likelihood of something occurring based on its similarity to a stereotyped set of occurrences.
• C)The anchoring and adjustment heuristic involves making decisions based on alterations to a previously existing value or starting point.
• D)All of the above.
• E)None of the above.

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Definitions:

Consumer Thoughts

Refers to the mental activities of individuals regarding their perceptions, attitudes, and decisions about products and services.

New Insights

Refers to fresh observations and discoveries that provide new understandings and perspectives, often leading to innovative solutions or strategies.

Internal Company Data

Information that a company collects from its own operations, including sales figures, financial records, and customer interactions, used for decision-making and strategic planning.

External Company Data

Information from outside an organization that is used for analysis or strategic purposes, such as market trends or competitor information.