Suppose That Irina Is Prepared to Pay a Maximum of $2.40

question 40

Multiple Choice

Suppose that Irina is prepared to pay a maximum of $2.40 for her first glass of cranberry juice,but for each subsequent glass she is only prepared to pay 20 cents less than the previous one.
-What is the term for the difference between the consumer's evaluation of a product and the price which is paid for it?

• A)Price discrimination.
• B)Price elasticity of demand.
• C)Consumer indifference.
• D)Consumer surplus.

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Definitions:

Germ Layer

One of the primary layers of cells (ectoderm, mesoderm, or endoderm) in the early embryo that will differentiate into various tissues and organs.

Pituitary Gland

a small, pea-sized gland located at the base of the brain, responsible for controlling important functions in the body through the release of hormones.

Ectoderm

The external layer of cells or tissues in an embryo during its initial stages of growth, which develops into the skin's outer layer, the brain, and the nervous system.

Environmental Factors

External elements including temperature, water, sunlight, and soil that affect living organisms and the functioning of ecosystems.