According to the _____ Heuristic,we Assume That Events We Remember

question 112

Multiple Choice

According to the _____ heuristic,we assume that events we remember easily are likely to have occurred more frequently in the past-and are more likely to occur in the future-than events that are harder to remember.

• A)availability
• B)representativeness
• C)confirmation
• D)frequency

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Definitions:

Inelastic

Describes a situation in economics where the demand or supply of a good is not significantly changed when the price of the good changes.

Wage Rates

The standard amount of pay given to workers per unit of time, which can vary based on job, location, experience, and skill level.

Payrolls

The total amount of wages and salaries paid by a business or organization to its employees, usually recorded over a specific period of time.

Elasticity of Resource Supply

A measure of how responsive the quantity supplied of a resource is to a change in price.