Table 7-10 The Only Four Consumers in a Market Have the Following

question 339

Multiple Choice

Table 7-10
The only four consumers in a market have the following willingness to pay for a good:
Buyer Willingness to Pay

-Refer to Table 7-10. If there is only one unit of the good available for purchase, and if the buyers bid against each other for the right to purchase it, then the consumer surplus will be

• A) $0 or slightly more.
• B) $3 or slightly less.
• C) $4 or slightly more.
• D) $8 or slightly less.

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Definitions:

Privative Clauses

Legal provisions aimed at limiting or excluding the jurisdiction of judicial review over decisions made by administrative bodies.

Parliamentary Supremacy

The principle that the legislative body of a country has the highest authority over all other governmental institutions, including the judiciary.

Supervising Government Decision Makers

The oversight of individuals or bodies that make policy and regulatory decisions within the government framework.

Writ of Certiorari

A court order that requests the lower court to deliver its record in a case so the higher court can review it.