Figure 7-11 -Refer to Figure 7-11.If the Supply Curve Is S,the Demand

question 41

Multiple Choice

Figure 7-11
-Refer to Figure 7-11.If the supply curve is S,the demand curve is D,and the equilibrium price is $100,what is the producer surplus?

• A)$625
• B)$1,250
• C)$2,500
• D)$5,000

---

Definitions:

Mental Sets

The tendency to approach situations in a certain way because previous methods have been successful; can sometimes inhibit problem-solving.

Heuristics

Simple, efficient rules, either learned or hard-coded by evolutionary processes, that help in decision-making, forming judgments, and solving problems.

Learning Theory

A set of principles that explains how individuals acquire, retain, and recall knowledge.

Modeling

A method of learning in which individuals ascertain how to act or perform by observing the behavior of others, also known as observational learning or social learning.