Mister Jones Was Selling His House

question 86

Multiple Choice

Mister Jones was selling his house.The asking price was $220,000,and Jones decided he would take no less than $200,000.After some negotiation,Mister Smith purchased the house for $205,000.Smith's consumer surplus is

• A) $5,000.
• B) $15,000.
• C) $20,000.
• D) not able to be calculated from the information given.

---

Definitions:

Agent of Socialization

Individuals, groups, or institutions that play a part in integrating individuals into society, teaching social norms, values, and roles.

Theoretical Traditions

Refers to the foundational theories and systematic frameworks that guide academic disciplines, such as sociology, economics, or psychology, shaping the methodologies and inquiries within the field.

Total Institutions

are places of residence and work where large numbers of individuals, cut off from the wider society, lead an enclosed, formally administered life.

Summer Camps

Organized programs that provide recreational or educational experiences for children and teenagers during the summer months, often involving outdoor activities and skill development.