Table 7-5 For Each of Three Potential Buyers of Oranges, the Table

question 95

Multiple Choice

Table 7-5
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.
-Refer to Table 7-5. If the market price of an orange is $0.40, then

• A)6 oranges are demanded per day, and consumer surplus amounts to $4.95.
• B)6 oranges are demanded per day, and consumer surplus amounts to $5.10.
• C)7 oranges are demanded per day, and consumer surplus amounts to $5.30.
• D)7 oranges are demanded per day, and consumer surplus amounts to $5.15.

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Definitions:

Cash

Money in the form of coins or notes that is used to conduct transactions, pay debts, or serve as a medium of exchange.