A Market Has Four Individuals,each Considering Buying a Grill for His

question 28

Multiple Choice

A market has four individuals,each considering buying a grill for his backyard.Assume that grills come in only one size and model.Abe considers himself a grill-master,and finds a grill a necessity,so he is willing to pay $400 for a grill.Butch is a meat-lover,honing his grilling skills,and is willing to pay $350 for a grill.Collin just met the girl of his dreams,and she loves a good grilled steak,so in his effort to impress her he is willing to pay $320 for a grill.Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp,so he is willing to pay $200 for a grill. Given the scenario described,if the market price of grills falls from $395 to $340,then we can say:

• A) Abe's consumer surplus increases from $5 to $60, and total consumer surplus increases from $5 to $70.
• B) Abe's consumer surplus decreases from $60 to $5, and total consumer surplus decreases from $70 to $5.
• C) Collin's consumer surplus increases from $0 to $20, and total consumer surplus increases from $5 to $70.
• D) Butch's consumer surplus decreases from $10 to $0, and total consumer surplus increases from $10 to $80.

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Definitions:

Short-term Talent

Individuals or groups hired or utilized for their skills over a brief period, often to meet specific project or seasonal demands.

Flexible Working Arrangements

Employment terms that allow for variability in working hours, locations, and schedules to accommodate employees' needs and preferences.

Personal Fulfillment

A sense of satisfaction or achievement derived from personal progress, growth, or the attainment of one's goals.

Larger Purpose

A motivating or driving force that goes beyond personal ambition, often connected to contributing to the welfare of others or overarching company goals.