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

question 131

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 total consumer surplus do Joan and Jim collectively receive from consuming cheesecake?

• A) $3
• B) $6
• C) $9
• D) $13

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Definitions:

Personality Characteristics

The distinct traits or qualities that define an individual’s patterns of thought, feeling, and behavior.

Success

The achievement of set goals or objectives, often measured by factors such as performance, attainment of desired outcomes, or recognition.

Big Five

A theory describing human personality as composed of five broad traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Job Performance

The extent to which an employee carries out their job duties and responsibilities effectively.