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:

ATP

Adenosine triphosphate, a molecule that carries energy within cells for metabolism.

ADP

Adenosine Diphosphate (ADP) is an important organic compound in metabolism that serves as an energy transfer molecule. ADP is converted to ATP, which stores and transfers energy within cells.

Energy Currency

This refers to molecules like adenosine triphosphate (ATP) that store and transfer energy within cells, fueling various biological processes.

Reactant

Substance that participates in a reaction.