What Term Refers to Knowing Something Instinctively Based on Expertise

question 40

Multiple Choice

What term refers to knowing something instinctively based on expertise and experience solving similar problems?

• A) bounded rationality
• B) impulsivity
• C) intuition
• D) catharsis

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Definitions:

Constants

Fixed values that do not change within the context of a mathematical equation, experiment, or model, serving as a reference point for comparisons and calculations.

Indifference Curve

A graph representing combinations of goods between which a consumer is indifferent, showing their preferences.

Absolute Values

A mathematical operation that determines the magnitude of a number without regard to its sign, represented as the distance from zero on the number line.

Favorite Bundle

A term in economics, particularly in consumer theory, referring to the combination of goods and services that maximizes a consumer's utility or satisfaction given their budget constraints.