Although Intuition Can at Times Hinder Rationality,it Is Often Adaptive

question 167

Multiple Choice

Although intuition can at times hinder rationality,it is often adaptive because it facilitates

• A) framing.
• B) quick decisions.
• C) belief perseverance.
• D) a mental set.

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Definitions:

Sales

encompasses the transactions of selling goods or services to consumers in exchange for money or other compensations.

Fixed Costs

Expenses that do not change with the level of output or sales over a relevant period, such as rent, salaries, and loan payments.

Short Run

A period in which at least one input, such as plant size or capital equipment, in the production process is fixed.

Long Run

A period in economic theory during which all inputs can be adjusted by firms, allowing them to fully adapt to changes in market conditions or to scale their operations.