Last Week,Mike Heard About Five Separate Airplane Crashes on the News.Even

question 114

Multiple Choice

Last week,Mike heard about five separate airplane crashes on the news.Even though,in general,motorcycle accidents account for more accidents than plane crashes do,Mike decides to ride his motorcycle from Washington to Atlanta instead of flying.Which bias is reflected in Mike's decision?

• A)The availability heuristic
• B)Confirmation bias
• C)Syllogistic error
• D)The representativeness heuristic

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Definitions:

Consumer Surplus

The discrepancy between the amount consumers are prepared to pay for a product or service and the price they actually spend.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.

Consumer Surplus

The contrast between the theoretical sum consumers are prepared to pay and the practical sum they pay for a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service compared to its market price, representing their net benefit.