Gene Buys a New Medium-Format Camera for $1000

question 136

Multiple Choice

Gene buys a new medium-format camera for $1000.He receives consumer surplus of $20 on his purchase.Gene's willingness to pay is:

• A)$20
• B)$1000
• C)$1020
• D)$980

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Definitions:

Barter

The trade of goods or services among individuals without employing money as a means of transaction.

Desk

A piece of furniture with a flat top and legs, used for writing, working or using a computer.

Box of Tools

Metaphorically refers to a set of skills, strategies, or resources available to individuals or organizations for performing tasks or solving problems.

Economic Goods

Items or services that have a price and are scarce in relation to their demand, thus necessitating economic decision-making.