Multiple Choice
Suppose Katie,Kendra,and Kristen each purchase a particular type of cell phone at a price of $80.Katie's willingness to pay was $100,Kendra's willingness to pay was $95,and Kristen's willingness to pay was $80.Which of the following statements is correct?
A) For the three individuals together,consumer surplus amounts to $35.
B) Having bought the cell phone,Kristen is better off than she would have been had she not bought it.
C) Had the price of the cell phone been $95 rather than $80,Katie and Kendra definitely would have been buyers and Kristen definitely would not have been a buyer.
D) The fact that all three individuals paid $80 for the same type of cell phone indicates that each one placed the same value on that cell phone.
Correct Answer:

Verified
Correct Answer:
Verified
Q3: Ray buys a new tractor for $118,000.He
Q6: Figure 7-3 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-3
Q7: Bob purchases a book,and his consumer surplus
Q9: Janine would be willing to pay $50
Q10: Consumer surplus is<br>A)the amount a buyer is
Q11: Figure 7-4 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-4
Q12: Figure 7-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-1
Q13: Figure 7-8 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-8
Q14: Henry is willing to pay 45 cents,
Q116: You are offered a free ticket to