A market has four individuals, each considering buying á grill. As a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willin to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willin to pay $200 for a grill. If the market price of grills falls from $375 to $330, which of the following statements is true? Multiple Choice Martine will experience an increase in consumer surplus of $45. urolus of $45.
A market has four individuals, each considering buying á grill. As a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willin to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willin to pay $200 for a grill. If the market price of grills falls from $375 to $330, which of the following statements is true? Multiple Choice Martine will experience an increase in consumer surplus of $45. urolus of $45.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![A market has four individuals, each considering buying a grill. Assume that grills come in only one size and model. Martina considers herself
a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willing
to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves
grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willing
to pay $200 for a grill.
If the market price of grills falls from $375 to $330, which of the following statements is true?
Multiple Choice
O
Martina will experience an increase in consumer surplus of $45.
Martina will experience a decrease in consumer surplus of $45.
Javier and Kamal will join the market and together will receive $30 in consumer surplus.
Javier will join the market but will receive no consumer surplus.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F61f5b8e1-7346-4faf-baac-041bafca31e9%2F2b9c0de9-75fd-493d-b29e-d6e6d592b76a%2Fccws339_processed.png&w=3840&q=75)
Transcribed Image Text:A market has four individuals, each considering buying a grill. Assume that grills come in only one size and model. Martina considers herself
a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willing
to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves
grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willing
to pay $200 for a grill.
If the market price of grills falls from $375 to $330, which of the following statements is true?
Multiple Choice
O
Martina will experience an increase in consumer surplus of $45.
Martina will experience a decrease in consumer surplus of $45.
Javier and Kamal will join the market and together will receive $30 in consumer surplus.
Javier will join the market but will receive no consumer surplus.
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