Use the figure below to answer the following questions.
Figure 26.3.3
-Refer to Figure 26.3.3. Which one of the graphs illustrates a full-employment equilibrium?
Definitions:
Heuristics
Mental shortcuts or "rules of thumb" that simplify decision-making processes, often utilized when making judgments under uncertainty.
Framing Error
A cognitive bias where people make decisions based on the way information is presented rather than just the facts themselves.
Lack-of-participation Error
A mistake or oversight that occurs when not all relevant parties are involved in a decision-making process, leading to potential biases or incomplete information.
Escalation Error
Escalation Error refers to the phenomenon where individuals or groups continue to invest in a decision despite new evidence suggesting it may be wrong, often due to sunk costs or ego.
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