Answer:
Cartel
Explanation:
According to sociology, a cartel is a formal group that is formed to make price decisions on a product or service. In other words, a cartel is a organization that is created from a formal agreement between producers of a product or service with the objective of regulate their supply or manipulate the prices and therefore, limiting the competition by controlling the production, distribution and pricing of the service they do. So, a cartel is an agreement between commercial enterprises.
When asked to guess whether Mark is from Montana or California, you guess California because more people live in California. You have used "base rate information" in making your decision.
<h3>What is Base Rate in Psychology?</h3>
Base rate is the frequency of a phenomenon that naturally occurs in a population. Using base rate information, rational decisions are made taking into account the general occurrence in a larger population in favour of the specific incidence in a particular case.
Effects of base rate information are-
- Base rate fallacy, as used in behavioural finance, is the propensity for people to incorrectly assess the likelihood of a situation by ignoring all pertinent information.
- Investors may instead place a greater emphasis on recent information without taking into account how this affects their initial hypotheses.
To know more about the characteristics of an annual percentage rate, here
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Answer: d. All of these would be considered behaviors.
Explanation: If an action or activity can be directly observed or measured or even recorded, then it is classified as a behavior.
