If a Consumer Places a Value of $13 on a Particular

question 97

Multiple Choice

If a consumer places a value of $13 on a particular good and if the price of the good is $16, then the

• A)consumer enjoys consumer surplus if he or she buys the good.
• B)consumer does not purchase the good.
• C)market is not a competitive market.
• D)price of the good will fall due to market forces.

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Definitions:

Scientific Contribution

The addition of knowledge, findings, or innovations to a specific field or discipline by a researcher or group of researchers.

Charles Darwin

A British naturalist, who is best known for his contributions to the theory of evolution and his proposal of natural selection as a mechanism for evolution.

Alfred Russel Wallace

A British naturalist, explorer, geographer, and biologist known for independently conceiving the theory of evolution through natural selection.

Seventeenth and Eighteenth Centuries

A period in history that marks significant developments in society, culture, and science between the years 1601 and 1800.