Consider the Market for Socks

question 95

Multiple Choice

Consider the market for socks.The current price of a pair of plain white socks is $5.00.Two consumers,Jeff and Samir,are willing to pay $7.25 and $8.00,respectively,for a pair of plain white socks.Two sock manufacturers are willing to sell plain white socks for as little as $4.00 and $4.15 per pair.How much is total consumer surplus in this market?

• A) $2.25
• B) $3.00
• C) $0.75
• D) $5.25
• E) $15.25

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Definitions:

Watergate Scandal

A major political scandal in the early 1970s involving burglary, wiretapping, and cover-up by members of the Nixon administration, leading to President Nixon's resignation.

Cover-Up

An attempt to prevent the public or authorities from discovering misconduct or a wrongdoing.

Richard Nixon

The 37th President of the United States (1969-1974), known for his involvement in the Watergate scandal and his subsequent resignation.

Source Amnesia

A memory disorder where an individual can remember information but cannot recall how or where they came to know it.