Use the Table Below to Answer the Following Questions

question 115

Multiple Choice

Use the table below to answer the following questions.
Table 5.2.1
-Refer to Table 5.2.1.If the price is $6 a unit,the producer surplus on the third unit is

• A)$3.
• B)$6.
• C)$5.
• D)$4.
• E)$2.

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Definitions:

Automatic System

Processes in the brain that occur without conscious effort, often quickly and based on learned routines.

Statistical Reasoning

The process of using statistical methods and principles to analyze, interpret, and draw conclusions from data.

Cognitive Bias

A systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.

Anchoring Heuristic

A cognitive bias where an individual relies too heavily on an initial piece of information to make subsequent judgments.