Suppose Brent,Callie,and Danielle Each Purchase a Particular Type of Electric

question 16

Multiple Choice

Suppose Brent,Callie,and Danielle each purchase a particular type of electric pencil sharpener at a price of $20.Brent's willingness to pay was $22,Callie's willingness to pay was $25,and Danielle's willingness to pay was $30.Which of the following statements is correct?

• A)Had the price of the pencil sharpener been $24 rather than $20,only Danielle would have been a buyer.
• B)Brent's consumer surplus is the smallest of the three individual consumer surpluses.
• C)For the three individuals together,consumer surplus amounts to $60.
• D)The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.

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Definitions:

Final Grade

The conclusive evaluation or assessment of a student's performance in a course, often reflecting their knowledge, work ethic, and achievements.

Residual

The difference between observed values and the predicted values by a model, indicating the error in the prediction.

Family Income

The combined total income earned by members of a family, contributing to the household's total earnings.

Real Estate

Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water.