Table 5.1 
-Refer to Table 5.1.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:
Verified
Q3: What is marginal cost?
A)The total cost of
Q4: Table 5.3 Q4: Marginal benefit is equal to the _ Q5: Table 5.2 Q6: Table 5.2 Q7: On what curve does each point show Q8: What does willingness to pay measure? 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![]()
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A)The maximum