If You Have a Mental Framework for the Behaviour of "Going

question 446

Multiple Choice

If you have a mental framework for the behaviour of "going out to dinner", we would refer to this framework as

• A)a representativeness heuristic
• B)a means-ends analysis
• C)an algorithm
• D)an expertise
• E)a script

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Definitions:

Potential Entrant

A firm or company that is not currently in a market but has the potential to enter if market conditions are favorable.

Dominant Strategy

Rephrased: In strategic decision-making, a Dominant Strategy is the optimal choice for a participant that yields the best outcome, independent of the strategies chosen by other players.

Nash Equilibrium

A principle in game theory where each participant's tactic is the best given the tactics of others, and none of the players stand to benefit from altering merely their strategy.

Credible Threat

A declaration or action by a party that it will follow through with a particular response if certain conditions are met, believed to be feasible by the other party.