Exhibit 7-4 the Schedule Below Shows the Prices That a Consumer

question 66

Multiple Choice

Exhibit 7-4 The schedule below shows the prices that a consumer is willing to pay for pounds of shrimp:
Refer to Exhibit 7-4.If the price of shrimp is $12 per pound,according to the schedule total consumer surplus equals:

• A) $8.
• B) $12.
• C) $14.
• D) $36.

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Definitions:

"As Is"

A term used in sales indicating that the buyer accepts the item in its current condition without warranties.

Main Purpose Construction Rule

A legal principle that allows for the enforcement of verbal contracts related to the main purpose of a transaction.

Equal Dignities Rule

A legal doctrine stating that if a contract must be in writing, then any appointed agent to sign the contract must also be designated in writing.

Click-On Agreement

A form of contract agreement obtained by clicking a button or checking a box online that indicates acceptance of the online terms and conditions.