Jane is willing to pay $50 for the first ice cream, $40 for the second ice cream, $30 for the third, and $20 for the fourth. If each ice cream costs $20, Jane's total consumer surplus is _____
a. $60
b. $80
c. $50
d. $30
a
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Which of the following countries received a loan from the IMF in November 2008?
A) Japan B) China C) Hungary D) Mexico
At least two demand curves are present in an international equilibrium model
a. True b. False Indicate whether the statement is true or false
How producers respond to the complex wants of the population without having huge shortages or surpluses is amazing because ______.
a. producers are constantly competing against each other b. computer software is an insufficient tool in this field c. a single individual or agency does not decide what to produce d. government officials constantly interfere with the market system
Which of the following examples accurately shows the cross-price elasticity of demand?
a. A +3 percent price for rye bread and a +6 percent demand for oatmeal bread equals a cross-price elasticity of demand of +18. b. A +9 percent price for roses and a +11 percent demand for tulips equals a cross-price elasticity of demand of +2. c. A +7 percent price for bar soap and a +21 percent demand for liquid soap equals a cross-price elasticity of demand of +28. d. A +10 percent price for chocolate chip cookies and a +30 percent demand for oatmeal raisin cookies equals a cross-price elasticity of demand of +3.