A survey of 1,500 frequent restaurant patrons revealed that, Chang Cheng, a local Chinese restaurant, offers high-quality food at low prices. Based on one dining experience, a restaurant critic gave Chang Cheng a poor review, saying the food was not very good. As a result, you decide not to dine at Chang Cheng. This decision is an example of which of the following systematic mistakes that people make when making decisions?
A) People are overconfident.
B) People give too much weight to a small number of vivid observations.
C) People are reluctant to change their minds.
D) All of the above are correct.
Correct Answer:
Verified
Q64: Herbert Simon, one of the first social
Q65: Herbert Simon suggested that people are not
Q66: A person who makes decisions that are
Q67: Which of the following students exhibits satisficing
Q68: Studies of human decision making reveal several
Q71: Sam needs to have his car serviced.
Q72: Conventional economic theory assumes that people
A)care a
Q73: Riley travels a great deal, and over
Q74: Juanita is preparing to study for her
Q170: Studies of human decision-making show that
A)firms are
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents