In the Market for a Particular Pair of Shoes, Geri

question 57

Multiple Choice

In the market for a particular pair of shoes, Geri is willing to pay $75 for a pair, while Jane is willing to pay $95 for a pair. The actual price that each has to pay for a pair of these shoes is $65. What is the total amount of the two women's combined consumer surplus?

• A)$20
• B)less than $20
• C)$195
• D)$10
• E)$40

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Definitions:

Intelligence

The ability to learn from experience, solve problems, and use knowledge to adapt to new situations. It encompasses a range of aptitudes, skills, and talents.

Heritability

The proportion of variation among individuals in a group that we can attribute to genes. The heritability of a trait may vary, depending on the range of populations and environments studied.

Genetically Similar

Refers to organisms or cells having nearly identical genetic material.

Different Environments

Varied settings or conditions in which a person or organism can exist or operate.