(Table: Willingness to Pay for Peanuts)Using the table Willingness to Pay for Peanuts,if the price of a bag of peanuts is $6,what is the total value of consumer surplus?
A)$4
B)$3
C)$6
D)$10

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If the willingness to pay is higher than $6 for some consumers, the surplus is the sum of these differences. The total consumer surplus is $4.

(Table: Willingness to Pay for Peanuts)Using the Table Willingness to Pay