Use the Information Below to Answer the Following Question(s)

question 214

Multiple Choice

Use the information below to answer the following question(s) .
Farm Fresh Dairy provided the following expense information for May:

-What is the total cost for the production category of the value chain at Farm Fresh Dairy?

• A) $200,000
• B) $205,000
• C) $207,000
• D) $126,000

---

Definitions:

Base Rate Fallacy

A cognitive error where people wrongly judge the likelihood of a situation by ignoring general statistical information and focusing on specific information.

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.

Overestimation Fallacy

The cognitive bias of overestimating one's own abilities, performance, level of control, or chances of success.

Manual Babbling

Early non-verbal gestures or movements made by infants that precede the development of spoken language.