Table 7-3 The Only Four Consumers in a Market Have the Following

question 520

Multiple Choice

Table 7-3
The only four consumers in a market have the following willingness to pay for a good:
-Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for

• A)$15 or slightly less.
• B)$25 or slightly more.
• C)$35 or slightly more.
• D)$45 or slightly less.

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Definitions:

Ratio

A relationship between two quantities expressed as the quotient of one divided by the other.

Equivalent Ratio

A way to express the same relationship or proportion between two quantities, although the numbers involved may differ.

Equivalent Ratio

A proportional relationship between two quantities showing how many times one value contains or is contained within the other.

Ratio

A ratio is a quantitative relationship between two numbers showing the number of times one value contains or is contained within the other.