Table 4-E
the Schedule Below Shows the Prices That a Consumer

question 50

Multiple Choice

Table 4-E
The schedule below shows the prices that a consumer is willing to pay for pounds of shrimp:
$\begin{array}{cc}\text { Price Per Pound } & \text { Number of Pounds } \\&\text { Consumed Each Year }\\\$ 20 & 1 \\\$ 16 & 2 \\\$ 12 & 3 \\\$ 10 & 4 \\\$ 6 & 5 \\\$ 2 & 6\end{array}$

-Refer to Table 4-E.If the price of shrimp is $12 per pound, according to the schedule consumer surplus equals:

• A)$8.
• B)$12.
• C)$14.
• D)$36.
• E)$48.

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Definitions:

Productivity

An indicator of how effectively resources are used in production, typically expressed as the proportion of produced goods to the resources consumed.

Competitive Industry

A competitive industry is one where numerous firms compete against each other to sell similar goods or services, often leading to innovation and lower prices for consumers.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good varies as the production quantity changes.

Profit-maximizing

The process or goal of increasing a firm's profits to the highest possible level by adjusting output and pricing strategies.