Suppose That a Customer's Willingness-To-Pay for a Product Is $1,480

question 91

Multiple Choice

Suppose that a customer's willingness-to-pay for a product is $1,480, and the seller's willingness-to-sell is $1,210. If the negotiated price is $1,479, how much is consumer surplus?

• A) $0
• B) $1
• C) $210
• D) $269

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Definitions:

Work Efforts

The amount of physical or mental energy expended by an employee to accomplish tasks.

Efficiency

The ability to accomplish a job with minimum expenditure of time and resources.

Competitive Advantage

The unique attributes or capabilities a company has that enable it to outperform its competitors and generate greater value for its stakeholders.

Economic Value Added

A measure of a company's financial performance based on the residual wealth calculated by deducting cost of capital from its operating profit.