System 1 Thinking Is __________, While System 2 Thinking Is

question 43

Multiple Choice

System 1 thinking is __________, while System 2 thinking is __________.

• A) rapid…..slow
• B) careful…..careless
• C) effortful…..effortless
• D) deliberate…..critical thinking
• E) All of the above are true about System 1 and System 2 thinking

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Definitions:

Average Variable Costs

The total variable costs (costs that change with the level of output) of production divided by the quantity of output produced.

Best Combination

The optimal mix of goods or strategies that maximizes satisfaction or utility given constraints like budget or resources.

Inputs

Resources such as labor, materials, and capital that are used in the production process to create goods and services.

Production Levels

The quantity of goods or services that a company produces within a given period.