Table 7-3 The Only Four Consumers in a Market Have the Following

question 129

Multiple Choice

Table 7-3
The only four consumers in a market have the following willingness to pay for a good:
-Refer to Table 7-3. If the price is $20, then consumer surplus in the market is

• A)$20, and Wilbur and Ming-la purchase the good.
• B)$45, and Carlos and Quilana purchase the good.
• C)$45, and Quilana, Wilbur, and Ming-la purchase the good.
• D)$55, and Carlos, Wilbur, and Ming-la purchase the good.

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Definitions:

Generalize

To make broad statements or conclusions based on limited evidence or sample sizes.

Reflexivity

How the identity and activities of the researcher influence what is going on in the field setting.

Ethnography

A qualitative research method in anthropology for studying cultures through direct observation, participation, and other immersive methods to understand social practices and beliefs.

Sociologist

A social scientist who studies human societies, their interactions, and the processes that preserve and change them.