If Johnny Is Willing to Pay Up to $3 for an Ice-Cream

question 126

Multiple Choice

If Johnny is willing to pay up to $3 for an ice-cream cone but she actually pays $1 for it. The consumer surplus of the ice-cream cone for Johnny

• A) is $1.
• B) is $2.
• C) is $4.
• D) cannot be determined without information about the market structure.

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Definitions:

Composition of Workforce

The makeup of employees in an organization or economy, including aspects such as age, gender, skill level, and job types.

Quality of Education

A measure of how well education systems meet the needs of students and society, often evaluated through factors like teaching quality, access to resources, and student outcomes.

Capital Goods

Physical assets that an organization uses in the production process to manufacture products and services that consumers will later use.

Output Per Capita

A measure of a country's economic output that accounts for its number of people, essentially dividing the country's gross domestic product by its total population.