Describe a business situation that would involve probabilities. Then present a variation on this (or another) situation that might involve conditional probability. - In response, other students can make assumptions about these situations and pose a question for a specific probability. - Finally, a third student can show the work of calculating the probability. What is the base rate fallacy? Select one: a. The fallacy of miscalculating the base-rate of a kind of event, when assessing the probability of a particular instance of that event conditional on some other event. b. The fallacy of neglecting the base-rate of a kind of event when assessing the probability of a particular instance of that event. c. The fallacy of neglecting the base-rate of a kind of event when assessing the probability of a particular instance of some other kind of event conditional on the first kind of event. d. The fallacy of neglecting the conditional probability of a kind of event conditional on some other event when calculating the base rate of the first kind of event. e. The fallacy of neglecting the base-rate of a kind of event when assessing the probability of a particular instance of that event conditional on some other event.