Scenario 12-1 Skip Places a $20 Value on a Bottle of Wine

question 100

Multiple Choice

Scenario 12-1
Skip places a $20 value on a bottle of wine, and Walt places a $17 value on it. The equilibrium price for a bottle of wine is $15.
-Refer to Scenario 12-1.How much total consumer surplus do Skip and Walt get when each purchases one bottle of wine?

• A) $1
• B) $2
• C) $5
• D) $7

---

Definitions:

Variable Ratio Schedule

A reinforcement schedule where a response is reinforced after an unpredictable number of responses, leading to a high and steady rate of response.

Fixed Interval Schedule

A reinforcement schedule that rewards the first response after a predetermined period has passed.

Chocolate Ice Cream

A frozen dessert made from dairy products and flavored with cocoa and sugar, among other ingredients.

Avoidance Learning

A type of learning in which an individual learns a behavior to prevent the occurrence of an unpleasant stimulus.