Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

There is an auto repair shop located nearby that does a lot of business and has an online rating of 4 out of 5 stars.

There is an auto repair shop located nearby that does a lot of business and has an online rating of 4 out of 5 stars. Kolya takes his car to be serviced and thinks the service person is grumpy and that his car is still not running as well as it could be. Kolya then makes a point of telling his friends not to use the repair shop. Kolya's actions illustrate which of the following "mistakes" that people make when making decisions?

A.People exhibit utility-maximizing behavior.

B.People give too much weight to a small number of vivid observations.

C.People are reluctant to change their minds.

D.People's behavior appears to exhibit inertia.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Leading and Collaborating in the Competitive World

Authors: Thomas S Bateman, Scott A Snell, Robert Konopaske

13th edition

1259927644, 1259927645, 978-1260194241

More Books

Students also viewed these Economics questions

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago