The _____ Heuristic Relies on How Readily Instances Come to Mind

question 1

Multiple Choice

The _____ heuristic relies on how readily instances come to mind, whereas the _____ heuristic relies on how typical that instance is.

• A) availability; confirmation
• B) availability; representativeness
• C) representativeness; availability
• D) representativeness; confirmation

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Definitions:

Interest-Rate Cost

The expense incurred by borrowers when they take out loans, represented as a percentage of the total loan amount charged over time.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods or services that can be produced in a given timeframe with available resources and technology.

Technological Advance

Improvements in technology that increase productivity and lead to new products or more efficient processes.

R&D Spending

The amount of financial resources allocated by organizations on research and development activities aimed at creating new products or improving existing ones.