In the context of behavioral economics, the belief that outcomes that have not occurred in the recent past are more likely to occur soon, and that recent outcomes are unlikely to be repeated in the near future is best referred to as the fallacy.

Employers hiring for entry-level positions in hospitality and tourism expect workers to

You are the manager of a large crude-oil refinery. as part of the refining process, a certain heat exchanger (operated at high temperatures and with abrasive material flowing through it) must be replaced every year. the replacement and downtime cost in the first year is $165 comma 000. this cost is expected to increase due to inflation at a rate of 7% per year for six years (i.e. until the eoy 7), at which time this particular heat exchanger will no longer be needed. if the company's cost of capital is 15% per year, how much could you afford to spend for a higher quality heat exchanger so that these annual replacement and downtime costs could be eliminated?

Sports leave thousands of college athletes with little time for their studies. this is an example of