Because of a Recently Passed Law,in Oregon,everyone Who Gets a Driver's

question 105

Multiple Choice

Because of a recently passed law,in Oregon,everyone who gets a driver's license or state identification card is automatically registered to vote; they must choose to "opt out" if they do not wish to be registered.In most states,a person must take steps to register to vote.In the future,if voting statistics show that significantly more Oregonians than other U.S.citizens are registered to vote,we might say that this is a good example of the _______ heuristic in action.

• A)representativeness
• B)availability
• C)anchoring and adjustment
• D)default

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Definitions:

Long-Run Equilibrium

Long-run equilibrium occurs when all factors of production within a market are fully adjusted to the economic conditions, leading to a steady state where there is no tendency for change.

Consumer Surpluses

The difference between the total amount that consumers are willing to pay and the total amount that they actually pay for a good or service.

Producer Surpluses

The difference between the actual amount received by sellers and the minimum amount they would be willing to accept for their goods or services.

Allocative Efficiency

A state of the economy in which resources are apportioned in a way that maximizes the overall benefit to society.