Table 7-5
for Each of Three Potential Buyers of Oranges

question 451

Multiple Choice

Table 7-5
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day. $$\begin{array} { | l | c | c | c | } \hline & \text { First Orangp } & \text { Second Orange } & \text { Third Orange } \\\hline \text { Alliton } & \$ 2.00 & \$ 1.50 & \$ 0.75 \\\hline \text { Bob } & \$ 1.50 & \$ 1.00 & \$ 0.80 \\\hline \text { Chariste } & \$ 0.75 & \$ 0.25 & \$ 0 \\\hline\end{array}$$
-Refer to Table 7-5. If the market price of an orange is $1.20, then the market quantity of oranges demanded per day is

• A) 1.
• B) 2.
• C) 3.
• D) 4.

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Definitions:

Net Income

A company's total earnings or profit; calculated as revenues minus expenses, taxes, and the cost of goods sold.

Personal Use

Utilization of property or goods in a manner primarily for the individual's own consumption, enjoyment, or benefit, rather than for business or commercial purposes.

Capital Contributions

Monetary or non-monetary assets that are provided to a company by its owners or shareholders to increase its equity.

Capital Account

An account on a country's balance of payments that records transactions involving the acquisition or disposal of assets and liabilities.