Suppose That a Customer's Willingness-To-Pay for a Product Is $120

question 314

Multiple Choice

Suppose that a customer's willingness-to-pay for a product is $120, and the seller's willingness-to-sell is $110. If the negotiated price is $119, how much is consumer surplus?

• A) $1
• B) $9
• C) $10
• D) $20

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Definitions:

Adaptive Value

The usefulness of a trait or behavior in helping an organism survive and reproduce within its environment.

Dowry

A transfer of parental property, gifts, or money at the marriage of a daughter, traditionally seen in many societies.

Anthropological Concept

An idea or theory within the discipline of anthropology that seeks to explain aspects of human behavior or culture.

Family

A social unit typically formed by relatives, either through blood, marriage, or adoption, that shares a household and responsibilities.