Suppose Bart,Benjamin,and Brent Each Purchase a Particular Type of Electric

question 302

Multiple Choice

Suppose Bart,Benjamin,and Brent each purchase a particular type of electric pencil sharpener at a price of $20.Bart's willingness to pay was $22,Benjamin's willingness to pay was $25,and Brent's willingness to pay was $30.Which of the following statements is correct?

• A) Had the price of the pencil sharpener been $26 rather than $20,only Brent would have been a buyer.
• B) Brent's consumer surplus is the smallest of the three individual consumer surpluses.
• C) For the three individuals together,consumer surplus amounts to $60.
• D) The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.

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Definitions:

Nationwide Sample

A representative selection of individuals or entities from across an entire country, used for statistical analysis or opinion polling.

Gallup

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The process of collecting data and opinions from a sample of individuals to infer the preferences or behaviors of a larger population.

Hispanic Population

Refers to people in the United States who are from or have ancestors from Spanish-speaking countries, mainly in Latin America and Spain.