Imagine an Economist Ordering Pizza by the Slice

question 69

Multiple Choice

Imagine an economist ordering pizza by the slice. When deciding how many slices to order she would pick that number where the enjoyment of the _____ equals the enjoyment she could get from using the money on another good.

• A)first slice
• B)last slice
• C)average slice
• D)total number of slices

Recognize the effect of confirmation bias and belief perseverance on information processing.

Understand the evolutionary perspective on human reasoning and its adaptiveness to natural problems.

Understand and describe the concept of "manual babbling" in deaf babies as compared to verbal babbling in hearing babies.

Recognize how cognitive psychology relates thought processes to solving real-world problems.

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Definitions:

Raw Material

The basic materials from which products are manufactured or made.

Desired Outcome

The specific result or objective that an individual or organization aims to achieve through a set of actions or strategies.

Participate

To take part or become involved in an activity or event.

Attained Standards

Benchmarks or levels of performance that have been successfully achieved or realized.