Jeff Decides That He Would Pay as Much as $3,000

question 67

Multiple Choice

Jeff decides that he would pay as much as $3,000 for a new laptop computer.He buys the computer and realizes consumer surplus of $700.How much did Jeff pay for his computer?

• A)$700
• B)$2,300
• C)$3,000
• D)$3,700

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Definitions:

Inverse Supply

A concept that illustrates how the quantity of goods supplied by producers decreases as the price decreases, typically represented by an upward sloping curve in economics.

Tax

A compulsory financial charge or other levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at various prices.

Supply Curve

A graphical representation of the relationship between the price of a good and the amount of it that producers are willing to supply.