Hernando travels a great deal,and over the past several years he has read dozens of reviews of hotel chains,all of which rave about the clean rooms and great service at Vacation Inn hotels.Last month,Hernando checked into a room at a Vacation Inn for the first time,only to find the room filthy and the service lousy.He decided the Vacation Inn chain is inferior to other hotel chains.
A) Hernando was irrational to have believed the reviews that he had read.
B) Hernando was rational to have changed his mind about Vacation Inns based on his one experience.
C) Hernando is an example of someone who gives too much weight to a small number of vivid observations.
D) Hernando is an example of someone who behaves in the homo economicus fashion.
Correct Answer:
Verified
Q72: Conventional economic theory assumes that people
A)care a
Q112: The ultimatum game reveals that
A)it does not
Q137: Table 22-5 Q139: Table 22-6 Q140: Which of the following would violate transitivity? Q146: Scenario 22-5 Q242: Brian and Andrea are playing the ultimatum Q250: Suppose that there are 175 voters in Q279: Economic theory assumes that voters, politicians, and Q330: Experiments show that when real people play
A)John
Three candidates, Fred, Barb, and William,
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