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:

Dispositional Characteristics

Traits or aspects of an individual's personality that are inherent and influence behavior in various situations.

Conscientiousness

A personality trait characterized by thoroughness, diligence, and reliability; an important aspect influencing job performance and personal success.

Big Five

A personality model describing five major dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Concurrent Validity

The extent to which test scores (or other predictor information) match criterion obtained at about the same time from current employees