For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.First OrangeSecond OrangeThird OrangeAllison$2.00$1.50$0.75Bob$1.50$1.00$0.60Charisse$0.75$0.25$0Refer to Table 7-5. The market quantity of oranges demanded per day is exactly 7 if the price of an orange, P, satisfies a.$0.60 < P < $0.75. b.$0.60 < P < $2.00. c.$0.25 < P < $0.75. d.$0.25 < P < $0.60.

Willingness to pay is defined as the maximum price a consumer is willing to pay for a given good or…

Answered: For each of three potential buyers of…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 8PA

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For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.

First Orange	Second Orange	Third Orange
Allison	$2.00	$1.50	$0.75
Bob	$1.50	$1.00	$0.60
Charisse	$0.75	$0.25	$0

Refer to Table 7-5. The market quantity of oranges demanded per day is exactly 7 if the price of an orange, P, satisfies

$0.60 < P < $0.75.

$0.60 < P < $2.00.

$0.25 < P < $0.75.

$0.25 < P < $0.60.

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