Table 7-4
for Each of the Three Potential Buyers of Apples

question 20

Multiple Choice

Table 7-4
For each of the three potential buyers of apples, the table displays the willingness to pay for Bob, Sasha, and Eric, who are the only three buyers of apples. Assume that only three apples can be supplied per day.
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$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Willingness to Pay}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {(Dollars) }$
$\begin{array}{|c|c|c|c|} \hline& \text { First Apple } & \text { Second Apple } & \text { Third Apple } \\\hline \text { Bob } & 2.00 & 1.50 & 0.75 \\\hline \text { Sasha } & 1.50 & 1.00 & 0.60 \\\hline \text { Eric } & 0.75 & 0.25 & 0.00 \\\hline\end{array}$

-Refer to Table 7-4. If the market price of an apple is $0.70, then the market quantity of apples demanded per day is

• A)7.
• B)8.
• C)4.
• D)6.

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Definitions:

Office Furniture

Items and fixtures used in an office setting for working and storage purposes, including desks, chairs, and file cabinets.

Straight-Line Method

A way of calculating depreciation by evenly spreading the cost of an asset over its useful life.

Resale Value

The projected value at which an asset can be disposed of after its life of usability has ended.

Office Furniture

Items and fixtures used in an office setting to support various work activities and tasks, such as desks, chairs, and file cabinets.