Question
Consumer Willingness to Pay Tom $40 Dick 30 Harriet 25 Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick,
Consumer | Willingness to Pay |
Tom | $40 |
Dick | 30 |
Harriet | 25 |
Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is $28 dollars
Group of answer choices
Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.
Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts.
Tom will receive $12 of consumer surplus from buying one shirt.
Harriet will receive $25 of consumer surplus since she will buy no shirts.
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