According to the Authors,what Is One Important Reason People Tend

question 24

Multiple Choice

According to the authors,what is one important reason people tend to make inaccurate subjective judgments about people?

• A)The use of heuristics
• B)The use of algorithms
• C)The use of inaccurate mental computations
• D)Inaccurate or faulty memory

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Definitions:

Marginal Output

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Resource (Labor)

Human effort, both physical and mental, used in the production of goods and services.

Short Run

A period of time in economics during which at least one factor of production is fixed, limiting the capacity to adjust to changes in demand or market conditions.

Long Run

Describes a period in which all factors of production and costs are variable, allowing for the adjustment of all inputs and technology by firms.