In the figure above, what is demand elasticity over the price range $40 to $60?

Which of the following statements is correct about the concept of willingness to pay?

A) The willingness to pay is the lowest price that a buyer is willing to pay for an extra unit of a commodity. B) The willingness to pay for a commodity increases exponentially as the consumption of the commodity increases. C) The willingness to pay for a commodity increases linearly as the consumption of the commodity increases. D) If a consumer is consuming 10 units of a commodity and he is ready to pay $2 for the eleventh unit, his willingness to pay for the eleventh unit is $2.

In every age group, average income in the United States increases with education

a. True b. False