-Refer to the Above Graph to Answer This Question

question 101

Multiple Choice

-Refer to the above graph to answer this question.What is true about the possible surpluses and shortages in this market if the price is set at $40?

• A)There will be a shortage of 20 units.
• B)There will be a shortage of 40 units.
• C)There will be a surplus of 20 units.
• D)There will be a surplus of 50 units.
• E)None of the choices are correct.

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Definitions:

Confirmation Bias

The inclination to seek out, understand, prefer, and remember information in a manner that reaffirms one’s already held beliefs or theories.

External Attribution

The process of assigning the cause of behavior to some situation or event outside a person's control rather than to some internal characteristic.

Situational Components

Elements of an environment or context that can influence individuals' behavior, thoughts, and feelings in a given situation.

Attributions

The process of explaining the causes of behaviors and events, which can be internal (personal factors) or external (situational factors).