What Term Refers to Drawing a General Impression About Something

question 109

Multiple Choice

What term refers to drawing a general impression about something or someone based on a single (typically good) characteristic?

• A) the halo effect
• B) first impression bias
• C) selective perception
• D) stereotyping
• E) the Hawthorne effect

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Definitions:

Consumer Surplus

The variance between the total price consumers are ready and able to fork over for a good or service and the sum they ultimately pay.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually do pay.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating the economic benefit to consumers.