Heuristics help people make faster, error-free decisions.

Error-free Decisions

Decisions that are made without any mistakes, often considered an ideal or theoretical concept in decision-making processes.

Recognize the role of heuristics in decision making, including their benefits and drawbacks.
Identify various behavioral biases and their effects on economic decision making.

Verified Answer

Final Answer :

False

Explanation :

Heuristics help people make faster decisions by simplifying the process, but they can lead to errors and biases.

Learning Objectives

Recognize the role of heuristics in decision making, including their benefits and drawbacks.
Identify various behavioral biases and their effects on economic decision making.