An Advantage of Algorithms Over Heuristics Is That

question 71

Multiple Choice

An advantage of algorithms over heuristics is that

• A) algorithms are much faster.
• B) algorithms guarantee a correct answer.
• C) algorithms are shortcuts.
• D) algorithms use rules of thumb.
• E) heuristics make solutions more difficult to find.

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Definitions:

Initial Endowment

The initial quantity of assets, goods, or resources that an agent or economy possesses at the start of a period.

Competitive Equilibrium

A state in a market where supply equals demand, and no participant has the ability to influence prices.

Demand Equals Supply

An economic condition where the quantity demanded by consumers matches the quantity supplied by producers, leading to market equilibrium.

Numeraire

A standard unit of measurement in economics used to represent prices or values of other goods in terms of this unit.