Jeff Decides That He Would Pay as Much as $3,000

question 67

Multiple Choice

Jeff decides that he would pay as much as $3,000 for a new laptop computer.He buys the computer and realizes consumer surplus of $700.How much did Jeff pay for his computer?

• A)$700
• B)$2,300
• C)$3,000
• D)$3,700

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Definitions:

Extraction Costs

The expenses associated with the removal of raw materials from the earth, such as labor, energy, and equipment costs.

Rare Earth Metals

Rare earth metals are a group of seventeen elements used in the manufacture of a variety of advanced technological devices, characterized by their scarcity and unique electronic properties.

Supply Curve

represents the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing to offer for sale, holding all else constant.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price in a given time period.