Use the Information in the Table (All Times Are in Days)

question 83

Multiple Choice

Use the information in the table (all times are in days) to determine the lowest extra cost for a 20-day project.

• A) $200
• B) $130
• C) $120
• D) $100

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Definitions:

Deadweight Loss

A decrease in economic efficiency arising when a good or service fails to attain or cannot possibly attain equilibrium.

Deadweight Losses

Economic inefficiencies that occur when equilibrium in a market is not achieved or when market allocation of resources is not optimal, often due to externalities or government intervention.

Consumer Surplus

A rephrased definition: The economic benefit that consumers receive when they can purchase a product for less than the maximum price they are willing to pay.

Consumer Surplus

The gap between the overall sum consumers are ready and able to spend on a product or service and what they really spend.