Table 7-3 The Only Four Consumers in a Market Have the Following

question 10

Multiple Choice

Table 7-3
The only four consumers in a market have the following willingness to pay for a good:

-Refer to Table 7-3.If the price is $30,then consumer surplus in the market is

• A) $20,and Wilbur and Ming-la purchase the good.
• B) $20,and Carlos and Quilana purchase the good.
• C) $30,and Wilbur and Ming-la purchase the good.
• D) $30,and Carlos and Quilana purchase the good.

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Definitions:

Gross Investment

represents the total amount spent on purchases of new capital and on replacing depreciated capital within an economy during a specified period.

Capital Stock

The total amount of physical, financial, and human assets used in the production of goods and services in an economy.

Proprietorships

Businesses owned and operated by a single individual, bearing full responsibility for its assets and liabilities.

Partnerships

A business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.