Which of the Following Is an Example of Base-Rate Information?​

question 136

Multiple Choice

Which of the following is an example of base-rate information?​

• A)Florida panthers weigh about a hundred pounds.
• B)​Florida panthers eat deer and rabbits.
• C)​Florida panthers are rare.
• D)​Florida panthers are active mostly at night.

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Definitions:

Normal Goods

Goods for which demand increases as consumer income rises, holding prices constant.

Steak

A cut of meat, typically beef, that is sliced perpendicular to the muscle fibers.

Price-Consumption Curves

Graphical lines that show how a consumer's optimal bundle of goods changes as the price of one good changes, holding everything else constant.

Engel Curves

Graphical representations showing how household expenditure on a good varies with income.