The Phenomenon of Unconscious Decision Making Is Referred to by Psychologists

question 63

Multiple Choice

The phenomenon of unconscious decision making is referred to by psychologists as

• A)the "let me think on it" effect.
• B)contemplation-without-attention.
• C)deliberation-without-attention.
• D)incubation.

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Definitions:

Marginal Cost

The increase in cost that arises from producing one additional unit of a good or service; it varies depending on the level of production.

Average Variable Cost

The total variable costs divided by the quantity of output produced, representing the average cost of producing each unit excluding fixed costs.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies as the quantity of output produced changes.

Demand Curve

It graphically represents the relationship between the price of a good and the quantity demanded by consumers, typically depicting an inverse relationship.