Metcalfe's Law Is Also Known As

question 21

Multiple Choice

Metcalfe's Law is also known as:

• A) systemic events.
• B) cluster effects.
• C) group impressions.
• D) herd instincts.
• E) network externalities.

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Definitions:

Behavioral Economics

A field of economics that examines how psychological, cognitive, emotional, cultural, and social factors affect the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

Systematic Error

A consistent, predictable error present in the method of measurement that affects the accuracy of results.

Faulty Heuristics

Cognitive shortcuts that lead to errors in judgment or decision-making.

Heuristics

Simple, efficient rules, often learned or instinctive, that help in making decisions, forming judgments, or solving problems.