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Suppose the point (Q = 3,400,P = $20) is the midpoint on a certain downward-sloping,linear demand curve.Then
Conformists
Individuals who comply with group norms or standards.
Base Rate Fallacy
The tendency to ignore or underuse base rate information and instead to be influenced by the distinctive features of the case being judged
Representativeness Heuristic
A cognitive shortcut where an individual assesses the probability of an event based on how similar it is to the typical case.
Fundamental Attribution Error
The tendency to overemphasize personal traits and underemphasize situational factors when explaining others' behavior.
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