Exhibit 25-1 -A Professor Is Trying to Decide Which Tutorial Web Site

question 10

Multiple Choice

Exhibit 25-1
$\begin{array}{|c|c|c|c|}\hline & & \text { Web Site } & \\\hline \text { Student } & \mathbf{A} & \mathbf{B} & \mathbf{C} \\\hline 1 & \$ 120 & \$ 100 & \$ 80 \\\hline 2 & 60 & 140 & 100 \\\hline 3 & 40 & 160 & 50 \\\hline 4 & 80 & 40 & 180 \\\hline\end{array}$
-A professor is trying to decide which tutorial Web site to post for an economics course. Exhibit 25-1 is a demand-revealing mechanism representing students' truthful answers about their preferences for three different sites. Which site has the highest total willingness to pay?

• A) A
• B) B
• C) C

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Definitions:

Electromagnetic Spectrum

The range of all types of electromagnetic radiation, from radio waves to gamma rays, including visible light.

Olfaction

The sense of smell, which is the detection and identification of molecules in the air by the olfactory system.

Interpretation

The process of explaining the meaning of something, often involving judgment and personal perspective.

Perception

The process of interpreting and understanding sensory information from the environment.