Suppose That a Customer's Willingness-To-Pay for a Product Is $1,480

question 91

Multiple Choice

Suppose that a customer's willingness-to-pay for a product is $1,480, and the seller's willingness-to-sell is $1,210. If the negotiated price is $1,479, how much is consumer surplus?

• A) $0
• B) $1
• C) $210
• D) $269

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Definitions:

Hardy-Weinberg Equation

A fundamental principle in genetics that provides a mathematical relationship to predict the genetic variation and allele frequencies in a population under certain conditions, showing that allele frequencies in a sexually reproducing population remain constant from one generation to the next in the absence of other evolutionary influences.

Heterozygotes

Individuals having two different alleles of a particular gene, resulting in a genetic variation.

Esterase Locus

A specific location on a chromosome associated with the production of esterase, an enzyme involved in breaking down esters.

Homozygous

Referring to an organism that has two identical alleles for a particular gene or trait.