When People Use the Availability Heuristic to Make Quick Judgments

question 41

Multiple Choice

When people use the availability heuristic to make quick judgments, they are likely to do all of the following except

• A) use it to make judgments about other people.
• B) use it to make judgments about themselves.
• C) base the decision on lots of information about a person.
• D) bring easy examples to mind.

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Definitions:

Lowest Price

The minimum cost at which a good or service is offered in the market, representing the least amount a seller is willing to accept.

Long Run

refers to a period of time in which all factors of production and costs can be fully adjusted, including all forms of investment.

Short Run

A timeframe in economic terms where firms can adjust production levels only by changing variable inputs, with fixed inputs remaining constant.

Long Run

In economics, a period during which all factors of production and costs are variable, allowing for full industry adjustment to change.