Four People Each Have a Different Willingness to Pay for One

question 344

Multiple Choice

Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price is equal to $9 per unit then the quantity demanded in the market will be ________ and the consumer surplus for this unit will be ________.

• A) 3; $10
• B) 3; $37
• C) 3; $36
• D) 4; $8

---

Definitions:

Thrive Under Pressure

The ability to perform very well in stressful situations.

Forming Stage

The initial phase in the development of a team, characterized by members getting to know each other and establishing group norms.

Group Development

The stages or phases that a team undergoes from formation to achieving effectiveness and accomplishing its objectives.

Confusion

A state of being bewildered or unclear in one’s mind about something, often resulting from lack of understanding or clarity.