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The demand and supply functions for oil on the world market are given as: QD = 25.64 - 0.06P and QS = 21.74 + 0.07P. Calculate consumer surplus. If the Clinton Administration puts a price ceiling of $20 per unit, calculate the resulting consumer surplus. Are consumers better off?
Scapegoat Theory
A concept in social psychology that suggests individuals or groups are unfairly blamed for problems not of their making.
Blame-the-victim Dynamic
A social phenomenon where the victim of a crime or harmful act is held entirely or partially at fault for what happened to them.
Other-race Effect
The tendency to more easily recognize faces of the race that one is most familiar with, which is thought to develop during infancy.
Availability Heuristic
A cognitive shortcut based on the first examples that pop up in one's thoughts when contemplating a particular subject, idea, strategy, or choice.
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