The schedule below represents the willingness of a typical consumer to pay for wine in a year. Suppose there are 10 000 identical consumers in the community. TABLE 6-3

-Refer to Table 6-3. If the market price of wine is $20, what is the total consumer surplus for the community equal to?
A) $20 000
B) $30 000
C) $50 000
D) $60 000

Question

The schedule below represents the willingness of a typical consumer to pay for wine in a year. Suppose there are 10 000 identical consumers in the community. TABLE 6-3
 
-Refer to Table 6-3. If the market price of wine is $20, what is the total consumer surplus for the community equal to?
A) $20 000 
B) $30 000 
C) $50 000 
D) $60 000

Quizplus · Accepted Answer

The Answer of The schedule below represents the willingness of a typical consumer to pay for wine in a year. Suppose there are 10 000 identical consumers in the community. TABLE 6-3
 
-Refer to Table 6-3. If the market price of wine is $20, what is the total consumer surplus for the community equal to?
A) $20 000 
B) $30 000 
C) $50 000 
D) $60 000

The Schedule Below Represents the Willingness of a Typical Consumer