The Terms of a Will Currently Undergoing Probate Are: "A

question 30

Multiple Choice

The terms of a will currently undergoing probate are: "A gift to my brother David of $25,000 cash; to my son James, $50,000 from my savings account; and to my Daughter Lila, all of my remaining property." At the time of death, the balance in the savings account was $40,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $70,000.
-How much would James have received from the estate?

• A) $50,000.
• B) $40,000.
• C) $25,000.
• D) $45,000.
• E) $30,000.

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Definitions:

Third-Degree Price Discrimination

A pricing strategy where a seller charges different prices to different groups of consumers for the same product, based on varying demand elasticity.

More Elastic

Refers to the responsiveness of the quantity demanded or supplied of a good to changes in its price, with more elastic meaning more sensitive to price changes.

Monopolist

A single seller in a market who controls all the sales of a particular product or service, facing no competition.

Higher Price

An elevated cost or valuation of a product or service compared to previous levels.