Examlex
What happens to the number of workers a firm wants to hire if the wage falls? Explain.
Prototype
An original model or preliminary version of a product from which other forms are developed or copied.
Availability Heuristic
A cognitive bias in which people judge the probability of events based on how easily examples come to mind, often leading to skewed perceptions of reality.
Base-Rate
The underlying or foundational rate of occurrence for a particular event or outcome within a given population or dataset.
Base-Rate Information
The frequency with which an event occurs within a general population.
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