Suppose Bart,Benjamin,and Brent Each Purchase a Particular Type of Electric

question 302

Multiple Choice

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

• A) Had the price of the pencil sharpener been $26 rather than $20,only Brent 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:

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A legal principle that safeguards against unlawful and indefinite imprisonment, allowing an individual to petition for their release if detained without sufficient cause.

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