Solved

Use the Following to Answer Question

Question 3

Multiple Choice

Use the following to answer question: Use the following to answer question: -(Table: Pumpkin Market) There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.At the equilibrium price and quantity,Ben buys _____ pumpkins,and his consumer surplus is _____. A) four;$2 B) three;$6 C) two;$4 D) one;$3
-(Table: Pumpkin Market) There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.At the equilibrium price and quantity,Ben buys _____ pumpkins,and his consumer surplus is _____.


A) four;$2
B) three;$6
C) two;$4
D) one;$3

Correct Answer:

verifed

Verified

Related Questions

Q1: For calculating producer surplus,it is important to

Q2: The total surplus generated in the market

Q4: Use the following to answer question: <img

Q5: (Figure: The Market for Sandwiches)Look at the

Q6: Use the following to answer question: <img

Q7: Use the following to answer question: <img

Q8: (Figure: Gain in Producer Surplus)Look at the

Q9: Use the following to answer question: <img

Q10: If there is an increase in supply,assuming

Q11: Consumer surplus is the amount buyers actually