Which of the following is not an implication of hardwired heuristics?
A. Getting people to make positive behavioral changes is about putting them in situations
where heuristics kick in and lead them to the desired outcome.
B. Getting people to make better decisions is simply a matter of providing more information
and more options.
C. People who know and understand hardwired tendencies of others can take advantage of
situations.
D. Even when confronted with irrefutable information that a behavior is detrimental, people
still may not change what they're doing.
Answer: B
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Which of the following is true of perfect competition but is not true of monopolistic competition?
a. The firm faces a downward-sloping demand curve. b. The firm faces a downward-sloping marginal revenue curve. c. The firm will earn zero economic profit in the long run. d. The firm will produce at a point where price equals marginal cost.
For an inferior good, a rise in price causes
a. negative income and substitution effects b. positive income and substitution effects c. a negative income effect and a positive substitution effect d. a positive income effect and a negative substitution effect e. a positive income effect, but no substitution effect