Use the figure below to answer the following questions.
Figure 5.2.2
-Refer to Figure 5.2.2 If the price falls from P₁ to P₀, then the change in consumer surplus is
Definitions:
Availability Heuristic
The availability heuristic is a cognitive bias that involves making judgments about the likelihood of events based on how easily examples come to mind.
Functional Fixedness
A tendency to think of things based on their usual functions, which may make it harder to solve a problem.
Framing
The way information is presented or worded, which can significantly affect decisions and judgments.
Insight
The capacity to gain an accurate and deep understanding of someone or something, often suddenly and intuitively.
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