An Individual's Consumer Surplus from Some Product Can Be Eliminated

question 118

Multiple Choice

An individual's consumer surplus from some product can be eliminated entirely by: 1.raising the price until very few units are bought.
2.charging a price for each unit that is equal to the individual's marginal value for each unit.
3.raising the price until zero units are purchased.

• A)1 only
• B)2 only
• C)3 only
• D)2 or 3
• E)1 or 2,but not 3.

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Definitions:

Limestone

A sedimentary rock primarily comprising calcium carbonate (CaCO3), often formed from the skeletal remains of marine organisms.

Oceans Salty

The condition of seawater having high concentrations of dissolved salts, primarily sodium chloride, resulting from processes such as rock weathering and volcanic activity.

Chemical Elements

Substances consisting of atoms which have the same number of protons in their atomic nuclei, representing the simplest forms of matter that cannot be broken down using chemical reactions.

Weathering

The process by which rocks and minerals break down into smaller particles through physical or chemical means.