Nicki Paid $900 for a Camera That She Thought Was

question 47

Multiple Choice

Nicki paid $900 for a camera that she thought was worth $1100 for all the features included in it.For the consumer electronics firm selling the camera,however,the cost of producing the camera was only $350.What is the consumer surplus in this scenario?

• A) $900
• B) $1,100
• C) $550
• D) $200

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Definitions:

Precambrian

denotes the vast period of time before the Cambrian period, covering the formation of the Earth until about 541 million years ago.

Paleozoic

An era of geological time from about 541 to 252 million years ago, marked by the development of early life forms to the advent of reptiles and the end of the Permian period.

Mesozoic

An era of geological time from about 252 to 66 million years ago, known as the "Age of Reptiles" and marked by the dominance of dinosaurs.

Cenozoic

The most recent of the three major subdivisions of animal and plant life geologic time, covering the period from 66 million years ago to the present.