According to the Text,an Important Implication of the Research on Illusory

question 7

Multiple Choice

According to the text,an important implication of the research on illusory thinking is that

• A)intuition has no legitimate place in the field of science.
• B)the scientific method is the only legitimate way to answer significant human questions.
• C)psychologists must test their preconceptions before presenting them as truth.
• D)conventional wisdom is almost always wrong.

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Definitions:

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Substitution Effect

The change in demand for a good that results from a change in its price, making consumers more likely to purchase more of a less expensive alternative or less of a more expensive one.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity demanded by consumers, typically downward-sloping.