Table 7-1 -Refer to Table 7-1. If the Market Price Is $105

question 343

Multiple Choice

Table 7-1
-Refer to Table 7-1. If the market price is $105,

• A)Calvin's consumer surplus is $45 and total consumer surplus is $85.
• B)Sam's consumer surplus is $30 and total consumer surplus is $90.
• C)Andrew's consumer surplus is $15 and total consumer surplus is $67.50.
• D)Lori's consumer surplus is -$2 and total consumer surplus is $100.

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Definitions:

Employers

Entities that hire individuals to perform various jobs in exchange for salary or wages.

Employees

Individuals who are hired by a company to perform tasks in exchange for compensation, under the direction and control of the employer.

COBRA

A federal law in the United States that allows for the temporary continuation of health coverage at group rates for employees and their families under certain circumstances such as job loss.

Medical Benefits

Refers to health care items or services covered under a health insurance plan, including doctor visits, hospital stays, medications, and procedures.