Whirl a Rock at the End of a String and It

question 3

Multiple Choice

Whirl a rock at the end of a string and it follows a circular path.If the string breaks,the tendency of the rock is to

• A)continue to follow a circular path.
• B)follow a straight-line path.
• C)increase its speed.
• D)revolve in a smaller circle.

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Definitions:

Willingness to Pay

The maximum amount a buyer is prepared to spend on a good or service, reflecting the value they derive from it.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Graphing Calculator

A handheld device capable of plotting graphs, solving simultaneous equations, and performing other tasks with variables.

Consumer Surplus

The deviation between consumers’ anticipated payment for a product or service and the eventual price paid.