Joe Is Willing to Pay $4 for His First Slice

question 412

Multiple Choice

Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If the price is $2, on his two slices of pizza Joe receives a total consumer surplus of

• A) $4.
• B) $3.
• C) $2.
• D) $1.

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Definitions:

Trade Secret

A type of intellectual property that comprises formulas, practices, processes, designs, instruments, patterns, or compilations of information not generally known or reasonably ascertainable, which gives a business advantage over competitors who do not know or use it.

Personal Service

Customized assistance or work performed directly for an individual rather than for a mass of consumers or organization.

LLC

Limited Liability Company; a business structure in the United States that provides the owners with limited liability protection, while offering the tax benefits of a partnership.

Register

To record or enroll formally, especially in a list, database, or book, or the part of the brain that deals with speech and language processing.