Suppose Katie,Kendra,and Kristen Each Purchase a Particular Type of Cell

question 8

Multiple Choice

Suppose Katie,Kendra,and Kristen each purchase a particular type of cell phone at a price of $80.Katie's willingness to pay was $100,Kendra's willingness to pay was $95,and Kristen's willingness to pay was $80.Which of the following statements is correct?

• A)For the three individuals together,consumer surplus amounts to $35.
• B)Having bought the cell phone,Kristen is better off than she would have been had she not bought it.
• C)Had the price of the cell phone been $95 rather than $80,Katie and Kendra definitely would have been buyers and Kristen definitely would not have been a buyer.
• D)The fact that all three individuals paid $80 for the same type of cell phone indicates that each one placed the same value on that cell phone.

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Definitions:

Idiographic Goals

Unique, personal objectives that are specific to an individual's desires and life circumstances, guiding their behavior in a deeply personal way.

Nomothetic Goals

Objectives or aims that apply universally, seeking to establish general laws and principles about human behavior.

Strategic

Pertaining to the identification of long-term goals and the creation of plans to achieve these goals, often in the context of business or military operations.

Primary Goals

The main objectives or targets that an individual or group aims to achieve.