Table 4-1 -Refer to Table 4-1.The Table Above Lists the Highest Prices

question 18

Multiple Choice

Table 4-1

-Refer to Table 4-1.The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt.If the price of the shirts falls from $28 to $20,

• A)consumer surplus increases from $14 to $35.
• B)Tom will buy two shirts; Dick and Harriet will each buy one shirt.
• C)consumer surplus will increase from $70 to $95.
• D)Harriet will receive more consumer surplus than Tom or Dick.

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Definitions:

Moles

A unit of measure in chemistry that represents 6.022 x 10^23 particles of a substance.

Li

The elemental symbol for Lithium, a soft, silver-white metal belonging to the alkali metal group.

Grams

A unit of mass in the metric system, equal to one thousandth of a kilogram.