Table 4-4

-Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0.
B) $14.
C) $26.
D) $53.

Question

Table 4-4
 
-Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0. 
B) $14. 
C) $26. 
D) $53.

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If Curly, Moe, and Larry are willing to pay more than $27, their individual surpluses are added to get the total consumer surplus.

Table 4-4 -Refer to Table 4-4. the Table Above Lists the Highest