Mental Shortcuts Used Automatically for Making Decisions Are Called

question 129

Multiple Choice

Mental shortcuts used automatically for making decisions are called:

• A)impressions.
• B)somatic markers.
• C)heuristics.
• D)experiential associations.

Discuss the influence of behaviors and attitudes through media and social learning.

Apply principles of learning to behavior modification techniques.

Understand the role and implementation of technology in enhancing retail experiences.

Define and distinguish between various retailing concepts and terms.

---

Definitions:

Marginal Cost

The supplementary expenditure brought on by the creation of one more unit of a good or service.

Total Variable Cost

The sum of all variable expenses that are incurred in the direct production of goods or services.

AVC

Average Variable Cost, which is the variable cost per unit of output.

Marginal Cost

The production cost for one more unit of a product.