Exercises
1. 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 individu ...