Under Which Circumstances Is It Better to Use Heuristics to Solve

question 124

Multiple Choice

Under which circumstances is it better to use heuristics to solve a problem than to rely on an algorithm?

• A) when there are too many possible hypotheses to test them all
• B) when it is necessary to get an answer that is precisely accurate
• C) when it is possible to calculate the correct answer quickly and simply
• D) when the question has to do with physics or chemistry

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Definitions:

Brand Loyalty

The tendency of consumers to continuously purchase one brand's products over another, often due to a perceived superiority or an emotional attachment.

Monopoly Power

The ability of a company or entity to control the price and supply of a product or service, due to the lack of competition in the market.

Long-run Equilibrium

A state in which all factors of production and costs are variable, and economic agents have fully adjusted to any economic changes, leaving no incentives for further adjustments.

Minimum Average Cost

The lowest point on the average cost curve, signifying the most efficient scale of operation for a firm.