Final answer:
The mistaken belief that an event that has not occurred for some time is likely to occur in the near future is called The Gambler's Fallacy.
Step-by-step explanation:
The mistaken belief that an event that has not occurred for some time is likely to occur in the near future is called The Gambler's Fallacy. This is a cognitive bias in which a person reasons that future chance events are more likely to happen if they have not happened recently. A common example of this is the belief that if you flip a coin and get several heads in a row, then tails is more likely to come up on the next flip. However, each coin flip is statistically independent and has an equal chance of being heads or tails.