Suppose Dan Is Willing to Pay a Maximum of $3,000

question 279

Multiple Choice

Suppose Dan is willing to pay a maximum of $3,000 for a piano,but finds one he can buy for $2,500.Dan's consumer surplus from this piano is

• A) $5,500.
• B) $3,000.
• C) $2,500.
• D) $500.
• E) zero because he buys the piano.

---

Definitions:

Constitutionally Permissible

Refers to actions or laws that are allowed within the constraints set forth by a country's constitution.

Judicial Review

The power of courts to assess the constitutionality of legislative acts or governmental actions and to invalidate them if they conflict with a higher law.

Factual Determinations

The process of finding the facts of the case, often decided by the jury or judge in a court proceeding.

ALJ Decisions

Rulings or judgments made by Administrative Law Judges, who conduct trial-like hearings within administrative agencies.