-Refer to the Above Table

question 69

Multiple Choice

-Refer to the above table. If a consumer's optimum consists of 3 magazines and 6 books, then

• A) the price of a magazine is six times more than the price of a book.
• B) the price of a magazine is three times more than the price of a book.
• C) the price of a book is more than five times more than the price of a magazine.
• D) the price of a book is six times more than the price of a magazine.

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Definitions:

Unintended Racism

Racial prejudice and discrimination that occur unintentionally, often as a result of implicit biases.

Representativeness Heuristic

Estimating the likelihood of events in terms of how well they seem to represent, or match, particular prototypes; may lead us to ignore other relevant information.

Availability Heuristic

Estimating the likelihood of events based on their availability in memory; if instances come readily to mind (perhaps because of their vividness), we presume such events are common.

Insight

A sudden realization of a problem’s solution; contrasts with strategy-based solutions.