Final answer:
It is highly unlikely that Mary would purchase a banana for $22, as this price drastically deviates from historical norms and expected consumer behavior in a market economy.
Step-by-step explanation:
The question regarding whether Mary would purchase a banana at a price of $22 seems to be rooted in understanding market economics and consumer behavior. In a market economy, prices are determined by the interactions of supply and demand, not by individual whims. Given the reference prices of bananas in previous years (such as $2.40 for 12 bananas or 20 cents each in 2001), a price of $22 for a single banana would likely be considered exorbitant and deter consumers like Mary from purchasing.
Using past data, we can anticipate consumer behavior by recognizing that such an extreme increase in price would not be consistent with normal price fluctuations for fruit in a competitive market. Instead, we calculate total expenditure by multiplying the quantity of each item by its price, as shown in the previous examples provided—10 apples at 50 cents each amount to a total of $5.00 spent on apples in 2001, for instance.
Therefore, based on our understanding of market dynamics and historical pricing, it is highly unlikely that Mary—or any rational consumer—would purchase a banana at a price of $22, especially considering the significant deviation from historical pricing norms.