Under Which Condition Does Belief Bias Exist

question 14

Multiple Choice

Under which condition does belief bias exist?

• A)when there is a conflict between two types of mental processes used in deductive reasoning.
• B)when a real-world model cannot be used to validate conclusions.
• C)if a person has had no personal experience with the logical elements in the syllogism.
• D)if the individual making the judgment has committed logical errors in the past.

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Definitions:

Consumer Surplus

The difference in total spending willingness among consumers for a good or service versus their real outlay.

Binding Price Floor

A government-imposed price control or limit on how low a price can be charged that is above the equilibrium price, leading to surplus.

Consumer Surplus

The discrepancy in the total sum consumers are willing to offer for a good or service compared to what they actually offer.

Producer Surplus

The difference between the amount producers are willing and able to supply a good for and the amount they actually receive.