Examlex
If prices are prevented from rationing a product because of a binding price ceiling, how is the scarce product rationed among potential buyers?
Priming
A psychological phenomenon where exposure to one stimulus influences the response to a subsequent stimulus, without conscious guidance or intention.
John Wayne
An iconic American film actor famous for his roles in Westerns and war movies.
Representativeness Heuristic
The representativeness heuristic is a cognitive bias where individuals judge the probability or frequency of a hypothesis by considering how much the hypothesis resembles available data.
Base-Rate Effect
A cognitive error whereby people judge the likelihood of an event by intuitive examples rather than by statistical evidence.
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