The Figure Below Shows the Demand Curve for a Product

question 58

Multiple Choice

The figure below shows the demand curve for a product that can be sold only in whole-number amounts. What is the maximum price that any buyer would be willing to pay for the first unit?

• A)40
• B)35
• C)25
• D)15

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Definitions:

Rival in Consumption

A characteristic of goods where one individual's consumption prevents or decreases others' ability to consume the same good.

Corrective Tax

A tax designed to correct market outcomes by accounting for externalities, encouraging more efficient allocation of resources.

Variable Toll

A pricing strategy that adjusts toll amounts based on current traffic conditions, often used to manage congestion on roads.

Congested

Describes a state of overcrowding or overloading, often used in the context of traffic, networks, or systems running at or beyond capacity.