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

question 190

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,the market quantity of oranges demanded per day is

• A) 1
• B) 2
• C) 3
• D) 4

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Definitions:

Profit-Maximizing

A strategy in which a firm seeks to achieve the highest possible profit from its operations, often by adjusting output or prices.

Marginal Revenue

The additional revenue that a company earns from selling one more unit of a product or service.

Marginal Revenue

The additional revenue that a company generates from selling one more unit of a good or service.

Moustache Wax

A grooming product used to style and hold the moustache in place.