Donna Can Make a Chair for About $100, She Charges

question 78

Multiple Choice

Donna can make a chair for about $100, she charges customers $150 to buy the chair, and customers perceive that the chair is worth $225. In this case, the consumer surplus is:

• A) $50.
• B) $75.
• C) $125.
• D) $150.
• E) $225.

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Definitions:

Mandamus

A legal order directed from a higher court to a lower court, or mandating an individual to carry out a duty required by law.

Alternative Methods

Different or unconventional approaches to achieving a goal or completing a task.

Dispute Resolution

The process of resolving disputes between parties through various mechanisms such as litigation, arbitration, mediation, or negotiation.

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Associations between individuals or companies that are based on trade, investment, partnerships, or other commercial activities.