A Problem-Solving Strategy That Involves Following a Specific Rule, Procedure

question 390

True/False

A problem-solving strategy that involves following a specific rule, procedure, or method, that inevitably produces the correct solution, is referred to as a heuristic.

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Definitions:

Transitivity

A principle that if one option is preferred over a second, and the second is preferred over a third, then the first option is preferred over the third.

Consumer Preferences

The subjective tastes, as expressed by the utility function, that guide consumer choices in the marketplace.

Nonsatiation

The economic assumption that consumers always prefer more of a good to less, holding everything else constant.

Completeness

In decision theory, a property that states every set of choices can be ranked in an order of preference.