(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:

Libertarian

A political and philosophical stance emphasizing individual freedom and voluntary association with minimal state intervention.

Right

A claim or entitlement justified by law, custom, or morality.

Duty

What one ought to do, whether by virtue of his or her place or position in society (in Plato or Aristotle, for example) or by virtue of rational moral principles (as in Kant).

Obligation

A duty or commitment that one is bound to by law, promise, moral principles, or social custom.