Table 7-1

-Refer to Table 7-1.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 7-1
 
-Refer to Table 7-1.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

According to the table, Mike is willing to pay up to $20, Sandy up to $18, Jonathan up to $17, and Haley up to $14 for the product. Since the price of the product is $15, only buyers who are willing to pay more than $15 would be willing to purchase the product. Thus, Mike, Sandy, and Jonathan would be willing to purchase the product as they are willing to pay more than $15. Therefore, the best choice is C.

Table 7-1 -Refer to Table 7-1.If the Table Represents the Willingness to Represents