Use the Following to Answer Questions

question 21

Multiple Choice

Use the following to answer questions:
-(Table: Marginal Benefit, Cost, and Consumer Surplus) The table Marginal Benefit, Cost, and Consumer Surplus shows six consumers' willingness to pay for one iTunes download. If the marginal social cost is constant at _____, then _____ consumers will purchase this good and consumer surplus is _____.

• A) $4; four; $34
• B) $2; five; $36
• C) $5; five; $30
• D) $2; five; $26

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Definitions:

Bias

A systematic error that leads to incorrect estimates or perceptions either in data collection, analysis, interpretation, or publication processes.

Probability

The quantification of the probability that a specific event will happen, expressed as a value ranging from 0 to 1.

Taller Candidates

Referencing individuals seeking a position or role who are of greater height than typical or average applicants.

Casting Ballot

The act of voting by marking a ballot or electronic means in an election.