Suppose the Price of a Scooter Is $200 and Zoe

question 105

Multiple Choice

Suppose the price of a scooter is $200 and Zoe is willing to pay $250. Zoe's

• A) consumer surplus from that scooter is $200.
• B) marginal benefit from that scooter is $100.
• C) consumer surplus from that scooter is $250.
• D) consumer surplus from that scooter is $50.
• E) consumer surplus from that scooter is $150.

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Definitions:

Cognitive Dissonance Theory

A psychological theory that suggests discomfort arises when an individual holds contradictory beliefs, values, or attitudes, leading them to change one to reduce the dissonance.

Long-term Relationships

Romantic or platonic connections between individuals that are maintained over a prolonged period, often characterized by mutual support and commitment.

Cognitive Dissonance Theory

A theory that suggests an uncomfortable tension arises from holding contradictory cognitions (e.g., beliefs, attitudes) simultaneously, leading to efforts to reduce the dissonance.

Hypocrites

Hypocrites are individuals who claim to have moral beliefs, standards, or virtues that their own behavior does not conform to; their actions contradict their stated beliefs or values.