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:

Federal Reserve

The central banking system of the United States, responsible for regulating the nation's monetary policy and overseeing the banking system.

Business Borrowing

The act of obtaining funds from lenders or financial institutions by businesses to finance operations, growth, or investments.

Decreases the Money Supply

A monetary policy action that reduces the total amount of money available in the banking system, often aiming to control inflation.

Gross Domestic Product

The total value of all goods and services produced over a specific time period within a country's borders.