Table 7-6 For Each of Three Potential Buyers of Apples, the Table

question 43

Multiple Choice

Table 7-6
For each of three potential buyers of apples, the table displays the willingness to pay for the first three apples of the day. Assume Xavier, Yadier, and Zavi are the only three buyers of apples, and only three apples can be supplied per day.
-Refer to Table 7-6. If the market price of an apple is $1.40, then consumer surplus amounts to

• A)$0.60.
• B)$1.20.
• C)$1.40.
• D)$3.40

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Definitions:

Buy Option

Refers to the right, but not the obligation, to purchase something at a predetermined price within a specific time frame.

Control

The process of directing, regulating, or managing activities or systems to achieve desired outcomes.

Availability

The degree to which a system, service, or resource is accessible and usable upon demand.

SaaS

Short for Software as a Service, a cloud computing model wherein software applications are hosted by a service provider and made available to customers over the internet.