Suppose That You Are Trying to Guess How Much Money

question 150

Short Answer

Suppose that you are trying to guess how much money a co-worker of yours makes.You have no idea how much she makes off-hand.To try to guess, you start with your own salary and then add on a few rands since she has been at your workplace longer than you have.That is, you make use of the ________________ heuristic.

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Definitions:

Spending Declines

A reduction in the amount of money spent by consumers, businesses, or governments, often indicative of economic downturns or budget tightening.

Pure Competition

A market structure where many firms offer a homogenous product, and no single company can influence the market price or terms of sale.