Solved

-Refer to Table 4-1

Question 2

Multiple Choice

-Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is $28 dollars, A) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts. B) Tom will receive $12 of consumer surplus from buying one shirt. C) Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts. D) Harriet will receive $25 of consumer surplus since she will buy no shirts.
-Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is $28 dollars,


A) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts.
B) Tom will receive $12 of consumer surplus from buying one shirt.
C) Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.
D) Harriet will receive $25 of consumer surplus since she will buy no shirts.

Correct Answer:

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