The Following Diagram Represents the Market for Paperback Books

question 33

Multiple Choice

The following diagram represents the market for paperback books.In the market for paperback books,total surplus is:

• A) $15.00.
• B) $30.00.
• C) $112.50.
• D) $225.00.
• E) None of the above.

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Definitions:

Merchantability

A warranty that a product sold will meet reasonable expectations of the buyer, including that it is of average acceptable quality and is fit for the purpose for which it is sold.

Defective

Pertaining to a lack of perfection, flaws, or deficiencies in a product, service, or legal document that impair its quality, functionality, or legality.

Security Interest

Any interest “in personal property or fixtures which secures payment or performance of an obligation” [UCC 1–201(37)].

Repossesses

The act of taking back an item, typically a vehicle or property, when the buyer fails to make the required payments.