Although Intuition Can at Times Hinder Rationality,it Is Often Adaptive

question 167

Multiple Choice

Although intuition can at times hinder rationality,it is often adaptive because it facilitates

• A) framing.
• B) quick decisions.
• C) belief perseverance.
• D) a mental set.

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Definitions:

Demand Schedule

A chart displaying the amount of a product or service that buyers are ready and capable of buying at different price levels.

Total Utility

The total satisfaction or benefit received by consuming a particular quantity of a good or service.

Demand Curve

A visual depiction showing how the demand for a product or service varies with changes in its price over a specific time frame.

Consumer Surplus

The gap between the total sum consumers are ready and able to spend on a good or service versus the total sum they actually spend.