Table 7-5 For Each of Three Potential Buyers of Oranges,the Table Displays

question 288

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.

-Refer to Table 7-5.If the market price of an orange is $1.20,consumer surplus amounts to

• A) $0.70.
• B) $1.10.
• C) $1.40.
• D) $5.00.

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Definitions:

Foreign Subsidiary

A company that is based in one country but is owned or controlled by a parent company from another country.

Reshoring

What occurs when firms move jobs back home from foreign locations.

Outsourcing

The practice of hiring external vendors or companies to perform services or create goods that were traditionally done internally.

Competitive Implications

The potential impacts or consequences that actions of one business can have on its competitors in the market.