Table 7-3 The Only Four Consumers in a Market Have the Following

question 129

Multiple Choice

Table 7-3
The only four consumers in a market have the following willingness to pay for a good:
-Refer to Table 7-3. If the price is $20, then consumer surplus in the market is

• A)$20, and Wilbur and Ming-la purchase the good.
• B)$45, and Carlos and Quilana purchase the good.
• C)$45, and Quilana, Wilbur, and Ming-la purchase the good.
• D)$55, and Carlos, Wilbur, and Ming-la purchase the good.

---

Definitions:

Liquidation Expense

Costs incurred during the process of winding up a company, including legal, administrative, and sale expenses to dispose of the company's assets.

Unsecured Creditors

Creditors who have extended credit without any specific property (collateral) pledged as security for payment.

Liabilities

Financial obligations or debts a company owes to others, which must be settled over time.

Payments

Transactions in which money is transferred from one party to another, often in exchange for goods or services.