The _____ Heuristic Involves Basing Probability Estimates for an Outcome

question 221

Short Answer

The _____ heuristic involves basing probability estimates for an outcome on the ease with which relevant examples can be retrieved from long-term memory.

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Definitions:

Optimum

The most favorable condition or level for growth, reproduction, or success.

Socially Optimal

The point at which the benefits to society of an action, policy, or project, are maximized, taking into account all costs and benefits.

MSB and MSC

Marginal Social Benefit (MSB) and Marginal Social Cost (MSC) refer to the additional benefit or cost to society of producing one more unit of a good or service.

Pollution

The introduction of contaminants into the natural environment, causing adverse changes and harm to ecosystems and human health.