Use the Following to Answer the Question :
Table: Excel

question 250

Multiple Choice

Use the following to answer the question :
Table: Excel Company Survey $$\begin{array} { l c } \hline \text { Consumer } & \begin{array} { c } \text { Maximum willingness to pay } \\\text { for Excel personal computers (\$) }\end{array} \\\hline \text { Adam } & 1,459 \\\text { Sheera } & 1,320 \\\text { Orko } & 1,201 \\\text { Juliet } & 1,165 \\\hline\end{array}$$
-(Table: Excel Company Survey) The table shows the results of Excel Company's market survey. If the market price of Excel computers is $1,200 each, how much total consumer surplus (in $) are the four consumers earning?

• A) $380
• B) $415
• C) $345
• D) $5,145

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Definitions:

Acres

A unit of measurement used primarily in the U.S. to describe the size of land, equating to 43,560 square feet.

Economic Rents

Extra earnings or return above the normal expected return of an investment or economic activity.

Reallocation

The process of redistributing resources or assets from less productive uses to more productive ones in order to enhance efficiency and economic output.

Diminishing Returns

A rule that asserts when one input in the production process is augmented and the rest remain unchanged, the resultant extra production will ultimately diminish.