Table: Demand and Utility Schedules for Packs of Scented Candles

question 23

Multiple Choice

Table: Demand and Utility Schedules for packs of scented candles $$\begin{array} { | c | c | c | c | } \hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \\\hline \$ 8 & 1 & & \\\hline \$ 7 & 2 & & \\\hline \$ 6 & 3 & & \\\hline \$ 5 & 4 & & \\\hline \$ 4 & 5 & & \\\hline\end{array}$$
-If the price were $5 each,her consumer surplus would be

• A)$31.
• B)$20.
• C)$18.
• D)$7.
• E)$6.

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Definitions:

Combinations

A mathematical technique to determine the number of possible arrangements in a set when the order of selection does not matter.

Distinct Items

Items that are recognizably different or not identical, often used in the context of counting unique elements in a set.

Experiment

A procedure carried out under controlled conditions to investigate a hypothesis or demonstrate a known fact, often involving the manipulation of variables to determine their effects.

Simple Event

An event with only one outcome or a very straightforward outcome in a probability scenario.