In the Chaotic Aftermath of a Robbery, You See a Tall

question 71

Multiple Choice

In the chaotic aftermath of a robbery, you see a tall thin man in a red shirt and a shorter man in a black jacket running from the scene of the crime. According to research on illusory conjunctions, it would not be surprising for you to later remember seeing

• A) only the tall, thin man
• B) three men instead of two
• C) a tall, thin man in a black jacket
• D) two shorter men, both wearing red

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Willing to Pay

The maximum price at which a consumer values a good or service enough to purchase it.

Producer Surplus

The difference between the amount producers are willing to receive for a good or service and the amount they actually receive, due to higher market prices.