Multiple Choice
Suppose Bart,Benjamin,and Brent each purchase a particular type of electric pencil sharpener at a price of $20.Bart's willingness to pay was $22,Benjamin's willingness to pay was $25,and Brent's willingness to pay was $30.Which of the following statements is correct?
A) Had the price of the pencil sharpener been $26 rather than $20,only Brent would have been a buyer.
B) Brent's consumer surplus is the smallest of the three individual consumer surpluses.
C) For the three individuals together,consumer surplus amounts to $60.
D) The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.
Correct Answer:
Verified
Correct Answer:
Verified
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