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At an auto parts store, Adam looked up an oil filter number in the parts catalog. Adam mentally repeated the number, PF3807A, as he searched the shelves for the correct oil filter for his car. Adam was using _____ to keep the information in his short-term memory.
Imperfect Estimates
Approximations or judgments about values or quantities that may lack precision or complete accuracy, often due to insufficient information or inherent unpredictability.
Older Homes
Residential properties that have been constructed many years ago, often characterized by historical architectural styles and potentially requiring more maintenance.
House's Value
The monetary worth assigned to a residential property based on factors like location, size, and condition.
Adverse Selection
A situation in which one party in a transaction has more information than the other, often leading to an inefficient market outcome.
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