Graph 15-4 
This graph depicts the demand and marginal-cost curves of a profit-maximising monopolist.Use the graph to answer the following question(s) .
-Refer to Graph 15-4.A benevolent social planner would cause the monopoly firm to operate at an output level:
Definitions:
Law of Small Numbers
The erroneous belief that small samples will accurately represent the larger population from which they are drawn.
Law of Small Numbers
A cognitive bias that leads people to draw broad conclusions from small samples of data.
Confirmation Bias
The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.
Gambler's Fallacy
The erroneous belief that if a particular event occurs more frequently than normal during the past, it is less likely to happen in the future, or vice versa, in situations that are truly random.
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