Which of the Following Statements Is Not Correct

question 76

Multiple Choice

Which of the following statements is not correct?

• A)A seller would be eager to sell her product at a price higher than her cost.
• B)A seller would refuse to sell her product at a price lower than her cost.
• C)A seller would be indifferent about selling her product at a price equal to her cost.
• D)Since sellers cannot set the price for their product,they must be willing to sell their product at any price.

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Definitions:

Total Utility

The total satisfaction received from consuming a given total quantity of a good or service.

Income

The money received by an individual or business in exchange for labor, services, or investment, constituting a basis for consumption and savings.

Consumer Equilibrium

The point at which the amount of goods purchased by a consumer is equal to their preference at prevailing market prices, maximizing utility.

Utility

The satisfaction or benefit a consumer derives from consuming a good or service.