Use the Fundamental Counting Principle

question 145

Multiple Choice

Use the Fundamental Counting Principle
Solve the problem.
-Lisa has 5 skirts, 10 blouses, and 4 jackets. How many 3-piece outfits can she put together assuming any piece goes with any other?

• A)200 possible outfits
• B)19 possible outfits
• C)50 possible outfits
• D)400 possible outfits

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained benefit.

Market Price

The current price at which a commodity, security, or service can be bought or sold in a particular market.

Willingness to Pay

The maximum amount an individual is prepared to spend for a particular good or service.

Consumer Surplus

The gap between the aggregate amount that buyers are willing and able to allocate for a good or service and the total sum they really pay.