Josh Is Willing to Pay $40 for a Haircut,but He

question 450

Multiple Choice

Josh is willing to pay $40 for a haircut,but he is able to pay $25 at the local salon.His consumer surplus is

• A) $0 because the cost exceeds his maximum willingness to pay.
• B) $15.
• C) $25.
• D) $65.

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Definitions:

Middle Ear

The section of the ear located between the eardrum and the inner ear, containing three small bones that transmit sound vibrations.

Sensory Interaction

The process by which different senses, like sight and hearing, influence and interact with each other to form a comprehensive perception.

Sensory Adaptation

The mechanism by which sensory receptors diminish their reaction to persistent stimuli over a period.

Kinesthesis

The faculty for discerning the placement, load, or kinetic changes of muscles, tendons, and joints.