Use the following to answer question:
-(Table: Consumer Surplus)Use Table: Consumer Surplus.Assume that each student wants to buy one ticket.If the tickets to The Nutty Nutcracker are free and there is no other market for tickets,the total consumer surplus for the five students is:
A)$0.
B)$100.
C)$150.
D)$320.

Question

Use the following to answer question: 
-(Table: Consumer Surplus)Use Table: Consumer Surplus.Assume that each student wants to buy one ticket.If the tickets to The Nutty Nutcracker are free and there is no other market for tickets,the total consumer surplus for the five students is:
A)$0. 
B)$100. 
C)$150. 
D)$320.

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If the tickets are free, each student's consumer surplus is equal to the maximum amount they are willing to pay. Adding up the maximum amounts each of the five students is willing to pay gives the total consumer surplus.

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