Table 7-1
This Table Refers to Five Possible Buyers' Willingness

question 94

Multiple Choice

Table 7-1
This table refers to five possible buyers' willingness to pay for good Z. $\begin{array}{|c|c|}\hline \text { Buyer } & \text { Willingness to pay ( } \$ \text { ) } \\\hline \text { Cassie } & 15.00 \\\hline \text { Jamie } & 11.00 \\\hline \text { John } & 9.50 \\\hline \text { Jeremy } & 6.00 \\\hline \text { Sarah } & 4.50 \\\hline\end{array}$
-Refer to Table 7-1.If the market price is $6.00, the consumer surplus in the market will be:

• A)$1.50
• B)$17.50
• C)$6.00
• D)$0

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Definitions:

Kernel of Truth

The idea that many myths, stereotypes, or exaggerated claims have a basis in fact, however small or misinterpreted that fact may be.

Perceived Homogeneity

The tendency to see members of an out-group as more similar to each other than they really are or than members of the in-group.

Stereotypes

Oversimplified generalized beliefs or expectations about the characteristics and behaviors of members of a group, often leading to prejudgment.

Behavioral Interpretation

The process of understanding actions and reactions through psychological principles.