Suppose Brent,Callie,and Danielle Each Purchase a Particular Type of Electric

question 16

Multiple Choice

Suppose Brent,Callie,and Danielle each purchase a particular type of electric pencil sharpener at a price of $20.Brent's willingness to pay was $22,Callie's willingness to pay was $25,and Danielle's willingness to pay was $30.Which of the following statements is correct?

• A)Had the price of the pencil sharpener been $24 rather than $20,only Danielle would have been a buyer.
• B)Brent's consumer surplus is the smallest of the three individual consumer surpluses.
• C)For the three individuals together,consumer surplus amounts to $60.
• D)The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.

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Definitions:

Genetically Determined

Something that is genetically determined is influenced or controlled by genes and inherited from one's parents.

Overbearing Parents

Parents who exert excessive control over their children's lives, often leading to a lack of independence and self-efficacy in the child.

Compensation

A defense mechanism where individuals overachieve in one area to make up for deficiencies in another.

Defective Parts

Components or elements that are flawed or malfunctioning and do not operate as intended.