Question

You are employed as a commission-based sales clerk for a cosmetics retail store. You know that, on average, exactly 50 percent of the customers that enter your store will make at least one purchase. Thus far this morning, you have waited on eight customers without making a single sale. You are convinced that the next customer you wait on will buy something. This belief is known as:

Answer 1

Answer: Gambler's fallacy

Explanation: Gambler's fallacy is most often believed by gamblers. It is the assumption that a departure from what normally occurs on average, or in the long run, will in the short run be correct. In other words, that a past random event influences the outcome of a future random event. It is also referred to as the Monte Carlo fallacy.