Table 7-2 This Table Refers to Five Possible Buyers' Willingness to Pay

question 35

Multiple Choice

Table 7-2
This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke.
-Refer to Table 7-2. If the market price is $3.80,

• A)David's consumer surplus is $4.70 and total consumer surplus for the five individuals is $9.50.
• B)Megan's consumer surplus is $1.70 and total consumer surplus for the five individuals is $9.80.
• C)David, Laura, and Megan will be the only buyers of Vanilla Coke.
• D)the demand curve for Vanilla Coke, taking the five individuals into account, is horizontal.

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Definitions:

Customer Relationships

The interactions and engagements a company has with its customers, with the aim of improving loyalty and satisfaction.

Business Markets

Commercial sectors that involve transactions between businesses rather than between a business and a consumer.

Consumer Markets

markets consisting of individuals or households that purchase goods and services for personal consumption.

Financial Risks

The possibility of losing financial capital due to market fluctuations, business decisions, or other financial activities.