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

question 189

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.Assume that the government places a $4 tax on each slice of cheesecake and that the new equilibrium price is $7.What is Joan's consumer surplus from cheesecake?

• A) zero
• B) $2
• C) $3
• D) $6

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Definitions:

Fimbriae

Short, hair-like structures on the surface of some bacteria that help in attachment to surfaces or other cells.

Female Reproductive System

The system in females that produces eggs and facilitates fertilization, gestation, and childbirth; includes organs such as ovaries, fallopian tubes, uterus, and vagina.

Prostate

A gland in the male reproductive system that surrounds the urethra near the bladder, contributing fluid to semen.

Seminiferous Tubules

Seminiferous tubules are tightly coiled structures within the testes where spermatogenesis, the production of sperm, occurs.