Table 6-2 -Refer to Table 6-2.A Price Floor Set at $20 Will

question 74

Multiple Choice

Table 6-2

-Refer to Table 6-2.A price floor set at $20 will

• A) be binding and will result in a surplus of 50 units.
• B) be binding and will result in a surplus of 100 units.
• C) be binding and will result in a surplus of 250 units.
• D) not be binding.

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Definitions:

Fundamental Attribution Error

The bias of overattributing behaviors of others to their personal characteristics, while underestimating situational factors.

Perceptual Distraction

A phenomenon where the focus of attention is diverted due to irrelevant stimuli in the environment, affecting cognitive processes.

Self-serving Bias

The common tendency to credit ourselves for our successes (attributing them to internal factors) while attributing our failures to external factors.

Stereotyping Bias

The preconceived and oversimplified beliefs or ideas about particular groups of people, which can influence judgments and decisions unconsciously.