Table 7-5 For Each of Three Potential Buyers of Oranges, the Table

question 34

Multiple Choice

Table 7-5
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day.

-Refer to Table 7-5.If the market price of an orange is $0.70,then the market quantity of oranges demanded per day is

• A) 5.
• B) 6.
• C) 7.
• D) 9.

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Definitions:

Productivity

The measure of the efficiency of a person, machine, factory, or system in converting inputs into useful outputs.

Technical Assistance

Support provided, typically in the form of expertise or training, to help organizations, countries, or businesses improve their performance.

Isocost Line

A graphical representation in economics that shows all possible combinations of inputs that have the same total cost.

Fuel-Efficient Rate

A measure of how effectively a vehicle converts fuel into travel distance, often expressed in miles per gallon (mpg) or liters per 100 kilometers (l/100km).