Table 7-3 For Each of Three Potential Buyers of Oranges, the Table

question 107

Multiple Choice

Table 7-3
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day.

-Refer to Table 7-3.Which of the following statements is correct?

• A)Neither Barb's consumer surplus nor Carlos's consumer surplus can exceed Alex's consumer surplus, for any price of an orange.
• B)All three individuals will buy at least one orange only if the price of an orange is less than $0.25.
• C)If the price of an orange is $0.60, total consumer surplus is $4.90.
• D)All of the above are correct.

---

Definitions:

Alpha Testing

An early stage of software testing conducted primarily by developers or in a controlled environment to identify bugs before release to end users.

Prototype

The first physical form or service description of a new product, still in rough or tentative form, that has the same properties as a new product but is produced through different manufacturing processes, sometimes even crafted individually.

Stability

A state of steadiness and balance in which changes are gradual and manageable, often desired in economic, social, and political contexts.

Product's Launch

The introduction of a new product to the market, involving strategies and activities to generate awareness and drive initial sales.