MrNoriega Paid $700 for Each of Three Suits

question 85

Multiple Choice

Mr.Noriega paid $700 for each of three suits.Since all of the suits were pleasing to his taste,he would have been willing to pay according to this schedule: $950 for the first suit,$800 for the second suit,and $700 for the third suit.How much was his consumer surplus?

• A)$100
• B)$150
• C)$250
• D)$350
• E)$700

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Definitions:

Confidentiality

The principle of keeping personal, sensitive, or important information private.

Wilhelm Wundt

Considered the father of experimental psychology, he established the first psychology laboratory at the University of Leipzig in 1879.

Risk/Benefit Ratio

An assessment used to evaluate the risk and benefits of a particular action or decision, often applied in healthcare to determine treatment paths.

Potential Stress Component

An element in a person's environment or in their psychological makeup that has the ability to cause stress or anxiety.