Suppose Katie,Kendra,and Kristen Each Purchase a Particular Type of Cell

question 8

Multiple Choice

Suppose Katie,Kendra,and Kristen each purchase a particular type of cell phone at a price of $80.Katie's willingness to pay was $100,Kendra's willingness to pay was $95,and Kristen's willingness to pay was $80.Which of the following statements is correct?

• A)For the three individuals together,consumer surplus amounts to $35.
• B)Having bought the cell phone,Kristen is better off than she would have been had she not bought it.
• C)Had the price of the cell phone been $95 rather than $80,Katie and Kendra definitely would have been buyers and Kristen definitely would not have been a buyer.
• D)The fact that all three individuals paid $80 for the same type of cell phone indicates that each one placed the same value on that cell phone.

---

Definitions:

Carbon Dioxide Concentrations

The measure of the amount of carbon dioxide in the atmosphere, usually expressed in parts per million (ppm), indicating the volume of CO2 in a million parts of air.

Interpretative Rules

Regulations issued by administrative agencies that clarify or provide guidance on the law or statutory requirements.

Procedural Requirements

The rules and guidelines that must be followed for legal processes to be considered valid and lawful.

Notice and Comment

Notice and comment is a regulatory process allowing the public to give input on draft regulations before they are finalized by publishing a notice of proposed rulemaking.