Related to the Economics in Practice on Page 25: How

question 189

Multiple Choice

Related to the Economics in Practice on page 25: How did the introduction of the microwave oven in 1960 affect the market for frozen food?

• A) It encouraged people to leave the work force by making cooking easier and less time-consuming.
• B) It reduced the opportunity cost of eating frozen food by decreasing the amount of time required to prepare frozen meals.
• C) It increased the financial cost of alternative methods of food preparation, such as conventional ovens.
• D) It made frozen foods more appealing by increasing the variety of meals that could be frozen and reheated.

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Definitions:

Curse Of Knowledge

A cognitive bias that occurs when an individual, possessing a particular knowledge, finds it difficult to think about problems from the perspective of lesser-informed people.

Mentally Simulate

The process of imagining or visualizing a scenario or sequence of actions in one's mind, often used to prepare for actual performance or to foresee outcomes.

Great Person Theory

A leadership theory that suggests history is shaped by the actions of extraordinary leaders with unique qualities.

Certain Traits

Specific characteristics or attributes that are distinctive to an individual or species.