Suppose That the Price of a New Bicycle Is R3

question 26

Multiple Choice

Suppose that the price of a new bicycle is R3 000. Natalie values a new bicycle at R4 000. It costs R2 000 for the seller to produce the new bicycle. What is the value of total surplus if Natalie buys a new bike?

• A) R5000
• B) R3000
• C) R2000
• D) R4000
• E) R1000

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