The Following Image Shows the Demand Curve for Neckties

question 14

Multiple Choice

The following image shows the demand curve for neckties. If neckties were available free of cost, then _____. ​
Figure 6.3
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• A)total utility, consumer surplus, and consumer expenditure would be undefined
• B)total utility and consumer surplus would be valued at $20, but consumer expenditure would be undefined
• C)total utility, consumer surplus, and consumer expenditure would all be equal to zero
• D)total utility, consumer surplus, and consumer expenditure would all be at its maximum
• E)total utility and consumer surplus would be valued at $36; consumer expenditure would be zero

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Definitions:

Shared Norms

Established behaviors or beliefs that are accepted and adhered to by a group or society.

Group Socialisation

Dynamic relationship between the group and its members that describes the passage of members through a group in terms of commitment and of changing roles.

Role Transition

The process of changing from one role to another, which can involve acquiring new identities, responsibilities, and behaviors.

Social Loafing

The occurrence in which people put in less effort while working as part of a team than they do when working by themselves.