A Price Floor That Sets the Price of a Good

question 117

Multiple Choice

A price floor that sets the price of a good above market equilibrium will cause

• A) a decrease in quantity demanded of the good.
• B) an increase in quantity supplied of the good.
• C) a surplus of the good.
• D) all of the above.

Define and recognize different cognitive biases, such as not-invented-here bias and anchoring effect.

Understand the concept of satisficing and its role in decision making.

Recognize the influence of problem framing on decision outcomes.

Identify factors that contribute to the violation of statistical principles in decision making.

---

Definitions:

Bipolar Disorder

A mental health condition characterized by extreme mood swings, including emotional highs (mania or hypomania) and lows (depression).

Psychiatric Consultation

A specialized service often sought by primary care providers or other medical professionals for diagnosing and treatment recommendations for patients with mental health issues.

Cultural Beliefs

The shared ideas, values, and expectations that are inherent within a specific culture, influencing individuals’ behaviors and perceptions.

Cognitive Flexibility

the mental ability to switch between thinking about two different concepts or to think about multiple concepts simultaneously.