
Table 4-1
-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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Q1: Table 4-2 Q2: Table 4-2 Q3: Consumers are willing to purchase a product Q4: Marginal benefit is equal to the _ Q6: Willingness to pay measures Q7: Marginal cost is Q8: The difference between the highest price a Q9: Frieda is at her local florist to Q10: Paul goes to Dick's Sporting Goods to Q11: Table 4-2 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A)the maximum price a
A)the total cost of producing