Figure 14-9

question 189

Multiple Choice

Figure 14-9
In the figure below, panel (a) depicts the linear marginal cost of a firm in a competitive market, and panel (b) depicts the linear market supply curve for a market with a fixed number of identical firms.
-Refer to Figure 14-9. If there are 600 identical firms in this market, what is the value of Q1?

• A)6,000
• B)12,000
• C)60,000
• D)120,000

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Definitions:

Fundamental Attribution Error

The tendency to overestimate the influence of personality and underestimate the influence of situational factors in explaining other people's behavior.

Focus-of-Attention Bias

The tendency to pay more attention to certain stimuli or aspects of the environment over others, often affecting judgments and decisions.

Schema-Irrelevant

Information or stimuli that do not fit into an existing cognitive schema or framework, often requiring new schema to be developed or old ones to be modified.

Situational Attribution

A decision by an observer to attribute a behavior to environmental forces facing the person who performed it rather than to that person’s internal state. See also Dispositional attribution.