Which of the Following Is Likely to Have the Most

question 259

Multiple Choice

Which of the following is likely to have the most price inelastic demand?

• A) camcorders
• B) insulin
• C) apples
• D) devices that remove cores from apples

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Definitions:

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, often leading to a solution that is good enough rather than perfect.

Mnemonic Devices

Techniques a person can use to help them improve their ability to remember something, often by associating it with familiar items or concepts.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Availability Heuristic

Availability Heuristic is a mental shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.