Alice Is Willing to Pay $3 for the Second Slice

question 51

Multiple Choice

Alice is willing to pay $3 for the second slice of pizza she eats. The price she pays is $2. Alice's consumer surplus for this slice of pizza equals

• A) $0.
• B) $3.
• C) $1.
• D) $2.

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Definitions:

Cash Control Sheet

A financial document used to track the inflow and outflow of cash within a business to ensure accurate accounting and prevent fraud.

Pegboard System

An organizational tool consisting of a board with holes that can hold pegs or hooks for the purpose of hanging or displaying items.

Trial Balance

An accounting report that lists the balances of all ledgers accounts to check the arithmetic accuracy of bookkeeping entries.

Double-Entry Bookkeeping System

An accounting method that records each transaction in two accounts, debit and credit, to ensure the books are always balanced.