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Define Each of the Following Mental Shortcuts and Explain Why

question 84

Essay

Define each of the following mental shortcuts and explain why each may be inaccurate: (1)the availability heuristic,(2)the representativeness heuristic,and (3)the judgmental heuristic.


Definitions:

Demand Schedule

A table or graph that displays the quantity of a good or service demanded at various prices.

Total Revenue

The aggregate revenue a corporation generates from the sale of goods or provision of services in a designated period.

Marginal Revenue

The extra revenue obtained by selling an additional unit of a product or service.

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