According to a New York Times Article Published in November

question 197

Multiple Choice

According to a New York Times article published in November 2005,author Anna Bernasek asserts that a 10 percent increase in the price of electricity leads to a decline in the quantity demanded of about

• A) 0.01 percent.
• B) 3 percent.
• C) 30 percent.
• D) 300 percent.

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Definitions:

Accentuation Effect

Overestimation of similarities among people within a category and dissimilarities between people from different categories.

Overestimation

The cognitive bias of assessing a quantity or quality as being larger, greater, or more important than it actually is.

Category

A general concept that classifies items, concepts, or ideas that share common characteristics.

Depersonalisation

The perception and treatment of self and others not as unique individual persons but as prototypical embodiments of a social group.