Table 7-2
the Costs of Five Possible Sellers -Refer to Table 7-2

question 133

Multiple Choice

Table 7-2
The costs of five possible sellers
$$\begin{array} { | c | c | } \hline \text { Seller } & \text { Cast(\$) } \\\hline \text { Kyle } & 18 \\\hline \text { Nathen } & 15 \\\hline \text { Chelsea } & 10 \\\hline \text { Hillary } & 7.50 \\\hline \text { Landon } & 5 \\\hline\end{array}$$
-Refer to Table 7-2.If the price is $11, Landon's producer surplus will be:

• A)$5
• B)$11
• C)$6
• D)$11.50

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Definitions:

External Attributions

The process of assigning the cause of behavior to situational factors outside the individual, rather than internal characteristics.

Knowledge Structures

The mental frameworks and organizational systems individuals use to process, store, and retrieve information based on their experiences and learning.

Mental Shortcuts

Cognitive strategies or heuristics that simplify decision making by using limited information, allowing for faster judgements but sometimes at the cost of accuracy.

Self-Serving Bias

A cognitive bias that involves individuals attributing their successes to internal factors while attributing failures to external factors.