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

question 9

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, 2, & 3.

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Definitions:

Tay-Sachs Disease

A genetic disorder that results in the destruction of nerve cells in the brain and spinal cord.

Meningitis Vaccination

A vaccine given to protect against meningitis, an inflammation of the membranes surrounding the brain and spinal cord, caused by infection.

Untreated Meningitis

A serious and potentially life-threatening condition when the inflammation of the protective membranes covering the brain and spinal cord is not medically addressed.

Encephalitis

An inflammation of the brain, often caused by an infection, leading to symptoms such as fever, confusion, seizures, and headaches.