Suppose There Are Six Bait and Tackle Shops That Sell

question 47

Multiple Choice

Suppose there are six bait and tackle shops that sell worms in a lakeside resort town in Minnesota. If we add the respective quantities that each shop would produce and sell at each of the six bait and tackle shops when the price of worms is $2 per bucket, $2.50 per bucket, and $3 per bucket, and so forth, we have found the

• A)market demand curve.
• B)market supply curve.
• C)equilibrium curve.
• D)surplus or shortage depending on market conditions.

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Stereotypes

Oversimplified generalized beliefs about a group of people that may not accurately represent the diversity within the group.

System I

A term often used to describe fast, automatic, intuitive forms of thinking, as opposed to slower, more rational deliberation.