Brock Is Willing to Pay $400 for a New Suit,but

question 20

Multiple Choice

Brock is willing to pay $400 for a new suit,but he is able to buy the suit for $250.His consumer surplus is

• A)$650.
• B)$150.
• C)$250.
• D)$400.

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Definitions:

Social Exchange Theory

A psychological theory proposing that human relationships are formed by the use of a subjective cost-benefit analysis and the comparison of alternatives.

Altruism

A selfless concern for the well-being of others without expectation of reward or recognition.

Unselfishly

Acting with regard for the welfare of others rather than oneself; showing selflessness.

Welfare of Others

The health, happiness, and fortunes of other people considered collectively.