Table 7-17 -Refer to Table 7-17. Both the Demand Curve and the Demand

question 409

Multiple Choice

Table 7-17

-Refer to Table 7-17. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be

• A) $21.
• B) $28.
• C) $36.
• D) $42.

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Definitions:

Cost-benefit

A systematic approach to estimating the strengths and weaknesses of alternatives used to determine the best option through the evaluation of costs and benefits.

Past Oriented

A perspective or approach that places emphasis on traditions, history, and values from the past in decision making and lifestyle.

Retributivist

A philosophy of punishment where the focus is on the offender receiving a punishment proportional to the crime committed, based on the principle of just desert.

Utilitarian

A philosophical approach that emphasizes the greatest good for the greatest number of people as the primary consideration in decision making.