Demand and Utility Table for Milk Shakes -If the Price of Milk Shakes Were $2

question 11

Multiple Choice

Demand and Utility Table for Milk Shakes $$\begin{array} { | c | c | c | c | } \hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \\\hline \$ 4 & 1 & & \\\hline \$ 3.50 & 2 & & \\\hline \$ 3.00 & 3 & & \\\hline \$ 2.50 & 4 & & \\\hline \$ 2.00 & 5 & & \\\hline\end{array}$$
-If the price of milk shakes were $2.00 each,your consumer surplus would be

• A)$15.00.
• B)$11.00.
• C)$10.00.
• D)$5.00.
• E)$2.00.

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Definitions:

Gambler's Fallacy

The erroneous belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa.

Coin Flip

A method of making a decision or selecting between two options by tossing a coin and observing which side lands facing up.

Illusory Correlation

The mistaken perception of a relationship between two events or variables that are actually unrelated, often due to cognitive biases.

One-Shot Illusory Correlation

An illusory correlation that occurs after exposure to only one unusual behavior performed by only one member of an unfamiliar group.