(Table: Willingness to Pay for Peanuts)Using the Table Willingness to Pay

question 186

Multiple Choice

(Table: Willingness to Pay for Peanuts) Using the table Willingness to Pay for Peanuts,if the price of a bag of peanuts is $6,what is the total value of consumer surplus?

• A)$4
• B)$3
• C)$6
• D)$10

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Definitions:

Humanistic Theories

Views that people strive to develop their innate potential for goodness and self-actualization; abnormality arises as a result of societal pressures to conform to unchosen dictates that clash with a person’s self-actualization needs and from an inability to satisfy more basic needs, such as hunger.

Moderately Distressed

A mental state or condition in which an individual experiences a mild to moderate level of emotional or psychological discomfort.

Pleasure Principle

A psychoanalytic concept that drives people to seek pleasure and avoid pain in order to satisfy biological and psychological needs.

Reality Principle

A concept from psychoanalytic theory referring to the capacity of the mind to assess the external world and act upon it accordingly, often seen as counter to the pleasure principle.