COGNITIVE ASSESSMENT When a Photographer Decides to Purchase a Digital

question 26

Multiple Choice

COGNITIVE ASSESSMENT When a photographer decides to purchase a digital camera, what are the three basic types of cameras from which he can choose?

• A) point-and-shoot camera, studio camera, field camera
• B) SLR camera, point-and-shoot camera, stabilized platform camera
• C) field camera, indoor camera, stationary camera
• D) removable lens camera, studio camera, high-resolution camera

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Definitions:

Consumer Surplus

The discrepancy between the amount consumers are prepared to spend on a product or service and the actual price they pay.

Consumer Surplus

The gulf between the aggregate amount consumers are willing to allocate for a good or service and what they actually end up paying.

Producer Surplus

The variance between the minimum amount producers are prepared to take for a product and the actual payment they get.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between multiple options.