The Price of Green Grapes Increases from $1

question 334

Multiple Choice

The price of green grapes increases from $1.90 to $2.30 per pound. When this happens, the amount of grapes sold drops from 500 pounds to 400 pounds. Assuming that the demand and supply of grapes is held constant, what is the value of the loss of consumer surplus that occurred?

• A) $200
• B) $160
• C) $40
• D) $180

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Definitions:

Eclectic Preferences

A diverse and broad range of tastes or interests, not limited to one style, perspective, or source, often involving appreciation for a variety of cultures, genres, or ideas.

Mainstream Lifestyle

A way of life or living that reflects the prevalent attitudes, values, and practices of the majority within a society.

Consumerism

The preoccupation with and an inclination toward the buying of consumer goods.

Countercultures

Are subversive subcultures.