A market has four individuals,each considering buying a grill for his backyard.Assume that grills come in only one size and model.Abe considers himself a grill-master,and finds a grill a necessity,so he is willing to pay $400 for a grill.Butch is a meat-lover,honing his grilling skills,and is willing to pay $350 for a grill.Collin just met the girl of his dreams,and she loves a good grilled steak,so in his effort to impress her he is willing to pay $320 for a grill.Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp,so he is willing to pay $200 for a grill. If the market price of grills is $350,given the scenario described,total consumer surplus would be:
A) $750.
B) $400.
C) $50.
D) $870.
Correct Answer:
Verified
Q20: A seller's willingness to sell:
A) is the
Q21: A market has four individuals,each considering buying
Q22: A market has four individuals,each considering buying