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

question 273

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 $0.40,then

• A) 6 oranges are demanded per day, and consumer surplus amounts to $4.45.
• B) 6 oranges are demanded per day, and consumer surplus amounts to $5.10.
• C) 7 oranges are demanded per day, and consumer surplus amounts to $5.35.
• D) 7 oranges are demanded per day, and consumer surplus amounts to $5.50.

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Definitions:

Presbyopia

A condition associated with aging where the eye exhibits a progressively diminished ability to focus on near objects.

Internal Clock

An innate mechanism within organisms that regulates biological rhythms and cycles, such as sleep-wake cycles.

Discomfort

A feeling of physical or mental unease, such as slight pain or distress.

Inefficiency

The lack of ability to achieve the desired output with minimum input or to utilize resources in the best possible manner.