At a Garage Sale,Ken Purchases a Used Bicycle for $8

question 72

Multiple Choice

At a garage sale,Ken purchases a used bicycle for $8 when he was willing to pay $25.If the bicycle costs $75 new,Ken's consumer surplus is

• A)$50.
• B)$67.
• C)$17.
• D)$33.
• E)$0.

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Definitions:

Exclusion

The practice of blocking competitors from participating in a market.

Minimum Wage

The lowest hourly rate employers can legally pay their workers, as set by government law.

Uniforms

Standardized clothing worn by members of an organization while participating in that organization's activity.

Upstream Price Discrimination

A pricing strategy where producers change prices at different stages of production or distribution, affecting the prices paid by retailers or further downstream sellers.