Four People Each Have a Different Willingness to Pay for One

question 344

Multiple Choice

Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price is equal to $9 per unit then the quantity demanded in the market will be ________ and the consumer surplus for this unit will be ________.

• A) 3; $10
• B) 3; $37
• C) 3; $36
• D) 4; $8

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Definitions:

Action Decisions

Decisions that lead to specific actions aimed at achieving objectives or solving problems within an organization or project.