Figure 4-20 -Refer to Figure 4-20.If the Price Is $10,then There Would

question 29

Multiple Choice

Figure 4-20
-Refer to Figure 4-20.If the price is $10,then there would be a

• A)shortage of 400 units,and price would rise.
• B)surplus of 400 units,and price would rise.
• C)shortage of 600 units,and price would rise.
• D)surplus of 600 units,and price would rise.

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Definitions:

Group Attribution Error

The tendency to overattribute the behavior of individuals within a group to their character rather than to external circumstances.

Law of Small Numbers

A cognitive bias that leads people to draw broad conclusions from small samples.

Stereotypes

Oversimplified generalizations about a group of people that often ignore individual differences, sometimes resulting in prejudiced attitudes or discriminatory actions.

Prejudicial

Showing prejudice or bias, leading to unfair treatment or judgments of others based on preconceived opinions rather than individual merit.