______ Are Mental Shortcuts That We Use to Reduce the Processing

question 25

Multiple Choice

______ are mental shortcuts that we use to reduce the processing burden on our cognitive systems.

• A) Resources
• B) Algorithms
• C) Heuristics
• D) Notes

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Definitions:

Efficient Allocation

The optimal distribution of resources among competing uses to maximize output or welfare.

Ppf (Production Possibility Frontier)

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, when resources are fully and efficiently utilized.

Efficiently

Achieving maximum productivity with minimum wasted effort or expense.

Production Inefficiency

A situation where resources are not utilized in the best possible manner, resulting in wasted potential output.