Table 7-5 For Each of Three Potential Buyers of Oranges, the Table

question 545

Multiple Choice

Table 7-5
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.
-Refer to Table 7-5. If the market price of an orange increases from $0.70 to $1.40, then consumer surplus

• A)increases by $2.60.
• B)decreases by $0.70.
• C)decreases by $2.50.
• D)decreases by $2.60.

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Definitions:

Child Labor

The employment of children in any work that deprives them of their childhood, interferes with their ability to attend school, and is mentally, physically, socially, or morally harmful.

Hazardous Occupations

Jobs or professions that inherently involve significant risks to the safety, health, or well-being of the workers.

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and other entities.

Cost of Labor

The total amount spent by employers to compensate employees, including wages, benefits, and any other costs associated with employment.