Scenario 12-1 Suppose Jim and Joan Receive Great Satisfaction from Their Consumption

question 53

Multiple Choice

Scenario 12-1
Suppose Jim and Joan receive great satisfaction from their consumption of cheesecake.Joan would be willing to purchase only one slice and would pay up to $6 for it.Jim would be willing to pay $9 for his first slice,$7 for his second slice,and $3 for his third slice.The current market price is $3 per slice.
-Refer to Scenario 12-1.How much consumer surplus does Joan receive from consuming her slice of cheesecake?

• A) $3
• B) $6
• C) $9
• D) $12

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Definitions:

Objective Facts

Information based on observable phenomena, unbiased by feelings or opinions, and verifiable by others.

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