BuyerWillingness to PayDavid$8.00Laura$7.00Ty$5.50Mallory$4.00Audrey$3.50In the above table, at different market prices, which statement is NOT correct? Question 27 options: At a price of $9.00, no buyer is willing to purchase the good. When the price is $3.00, each person would receive consumer surplus. At a price of $4.00, total consumer surplus in the market will be $8.50. At a price of $7.50, the consumer surplus for Laura is $0.50.

Demand refers to the willingness to buy, of a consumer or consumers of a good or service at the…

Answered: Buyer Willingness to Pay David $8.00…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Buyer	Willingness to Pay
David	$8.00
Laura	$7.00
Ty	$5.50
Mallory	$4.00
Audrey	$3.50

In the above table, at different market prices, which statement is NOT correct?

Question 27 options:

	At a price of $9.00, no buyer is willing to purchase the good.
	When the price is $3.00, each person would receive consumer surplus.
	At a price of $4.00, total consumer surplus in the market will be $8.50.
	At a price of $7.50, the consumer surplus for Laura is $0.50.

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