Brett Buys a New Cell Phone for $100

question 63

Multiple Choice

Brett buys a new cell phone for $100.He receives consumer surplus of $80 from the purchase.How much does Brett value his cell phone?

• A)$180
• B)$100
• C)$80
• D)$20

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Definitions:

Contingent

Dependent on or conditioned by something else; occurring or existing only if certain circumstances are the case.

Unpleasant Event

An incident or occurrence that causes discomfort, distress, or dissatisfaction.

Pleasant Event

An occurrence or experience that brings joy, satisfaction, or happiness to those involved.

Negative Reinforcement

A psychological strategy that involves the removal of an unfavorable outcome or stimulus to increase the likelihood of a desired behavior.