Suppose Dan Is Willing to Pay a Maximum of $3,000

question 279

Multiple Choice

Suppose Dan is willing to pay a maximum of $3,000 for a piano,but finds one he can buy for $2,500.Dan's consumer surplus from this piano is

• A) $5,500.
• B) $3,000.
• C) $2,500.
• D) $500.
• E) zero because he buys the piano.

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Definitions:

Ruling Class

The social class or group in a society that holds the preeminent power and wealth, often determining policies and living standards for the broader population.

Connections between Elites

The relationships and networks among individuals in positions of power and influence, which can affect decision-making and resource allocation in society.

Authoritarian Societies

Societies characterized by strong centralized power and limited political freedoms, where authority is typically concentrated in a small group or a single individual.

Citizen Control

The extent to which citizens influence government policies and decisions, often measured through mechanisms like voting, protests, and civic engagement.