Use the Following to Answer Question(s): the Market for Chocolate-Covered

question 37

Multiple Choice

Use the following to answer question(s) : The Market for Chocolate-Covered Peanuts

-(Exhibit: The Market for Chocolate-Covered Peanuts) A surplus of 210 bags of chocolate-covered peanuts exists if the price is ________ cents per bag.

• A) 90
• B) 80
• C) 60
• D) 40

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Definitions:

Income

The money received, especially on a regular basis, for work or through investments.

Marginal Utility

The increased enjoyment or value one gets from the consumption of an extra unit of a good or service.

Marginal Utility

The added satisfaction or usefulness obtained from using one more unit of a product or service.

Total Utility

The total satisfaction or benefit received by consuming a particular quantity of a good or service.