Suppose a Consumer Is Willing to Pay $20 for One

question 104

Multiple Choice

Suppose a consumer is willing to pay $20 for one unit of good X, $10 for a second, and $5 for a third, and the market price is $4. The consumer surplus is:

• A) $16.
• B) $6.
• C) $1.
• D) $23.

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Definitions:

Psychoanalytic Methods

Psychological techniques developed by Freud and others to explore the unconscious mind, aiming to understand and treat psychological disorders through analysis of motives and conflicts.

Academic Degree

A qualification awarded to students upon successful completion of a course of study in higher education, usually at a college or university.

M.D.

Stands for Doctor of Medicine, a professional graduate degree awarded to physicians and surgeons by medical schools.

Psychoanalytic

Pertaining to a psychological theory or therapeutic method that emphasizes the exploration of unconscious motivations and conflicts.