Table 7-1 -Refer to Table 7-1. If the Market Price Is $105

question 343

Multiple Choice

Table 7-1
-Refer to Table 7-1. If the market price is $105,

• A)Calvin's consumer surplus is $45 and total consumer surplus is $85.
• B)Sam's consumer surplus is $30 and total consumer surplus is $90.
• C)Andrew's consumer surplus is $15 and total consumer surplus is $67.50.
• D)Lori's consumer surplus is -$2 and total consumer surplus is $100.

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Definitions:

Liability on Debts

The legal responsibility to pay money owed to creditors, either by an individual or a company.

Capital Contribution

Funds or assets provided by investors or partners to a company or partnership to support its operations and growth.

Partnership Assets

Properties or resources owned by a partnership that are used for the purpose of carrying on the partnership business.

Successor's Liability

The legal responsibility of a successor entity to bear the liabilities of its predecessor under certain conditions.