Chad Is Willing to Pay $5

question 89

Multiple Choice

Chad is willing to pay $5.00 to get his first cup of morning latté.He buys a cup from a vendor selling latté for $3.75 per cup.Chad's consumer surplus is

• A)$8.75.
• B)$5.00.
• C)$3.75.
• D)$1.25.

---

Definitions:

Mesmer

Refers to Franz Mesmer, an 18th-century physician who proposed the theory of animal magnetism and is considered a precursor to modern hypnotism.

Hypnotism

A therapeutic technique aimed at inducing a trance state in an individual to increase suggestibility and facilitate psychotherapeutic interventions.

Discovered

Found or noticed something for the first time that was previously unknown or unrecognized.

Anesthesia

A state of controlled, temporary loss of sensation or awareness that is induced for medical purposes, such as during surgical procedures.