Suppose Brent,Callie,and Danielle Each Purchase a Particular Type of Electric

question 16

Multiple Choice

Suppose Brent,Callie,and Danielle each purchase a particular type of electric pencil sharpener at a price of $20.Brent's willingness to pay was $22,Callie's willingness to pay was $25,and Danielle's willingness to pay was $30.Which of the following statements is correct?

• A)Had the price of the pencil sharpener been $24 rather than $20,only Danielle would have been a buyer.
• B)Brent's consumer surplus is the smallest of the three individual consumer surpluses.
• C)For the three individuals together,consumer surplus amounts to $60.
• D)The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.

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Definitions:

Fair Adjustment

An equitable modification or change made to resolve a dispute or correct an imbalance.

Inconvenience

A minor annoyance or difficulty that causes discomfort or trouble, often disrupting plans or activities.

Anger

A strong feeling of displeasure or hostility triggered by what is perceived as wrong, injustice, or frustration.

Good-News Letter

A communication sent to share positive information, news, or updates with the recipient.