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Use the Following to Answer Question

question 79

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Use the following to answer question: Use the following to answer question:   -(Table: Pumpkin Market) There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.If Cindy sells one fewer pumpkin and Diane sells one more pumpkin than in equilibrium,total surplus will _____ by _____. A) increase;$16 B) increase;$14 C) decrease;$1 D) decrease;$2
-(Table: Pumpkin Market) There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.If Cindy sells one fewer pumpkin and Diane sells one more pumpkin than in equilibrium,total surplus will _____ by _____.


Definitions:

Acceptance

Within the domain of contract law, the process of consenting to an offer's conditions, thus establishing a legally enforceable agreement.

Reasonable Means

Actions or methods that are considered fair, appropriate, and sensible according to the average person's judgment under specific circumstances.

Mailbox Rule

A legal principle that deems an offer as accepted once the acceptance is dispatched, not when it is received by the offeror.

Dispatched

refers to sending off to a destination or for a specific purpose.

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