Table 3-1
Refer to Table 3-1. If the table represents the willingness to pay of four buyers and the price of the product is $15, then who would be willing to purchase the product?
A) Mike
B) Mike and Sandy
C) Mike, Sandy, and Jonathan
D) Mike, Sandy, Jonathan, and Haley

Question

Table 3-1
 Refer to Table 3-1. If the table represents the willingness to pay of four buyers and the price of the product is $15, then who would be willing to purchase the product?
A) Mike 
B) Mike and Sandy 
C) Mike, Sandy, and Jonathan 
D) Mike, Sandy, Jonathan, and Haley

Quizplus · Accepted Answer

Mike is willing to pay up to $20, Sandy up to $18, and Jonathan up to $17, all of which are higher than the price of $15. Therefore, all three of them would be willing to purchase the product. Haley is only willing to pay up to $12, which is lower than the price of $15, so she would not be willing to purchase the product.

Table 3-1 Refer to Table 3-1. If the Table Represents the Represents