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:

Bananas

A popular fruit that is long and curved with a soft flesh covered by a yellow peel when ripe.

Utility Function

A mathematical representation that quantifies an individual's preference for various outcomes or goods, indicating their level of satisfaction.

Indifference Curve

A graphical representation showing combinations of goods or services that provide the same level of satisfaction to a consumer.

Apples

Edible fruits from the Malus domestica tree, characterized by their sweet taste and variety of colors, and consumed worldwide.