Use the figure below to answer the following questions. Figure 5.2.1
-Consider Figure 5.2.1.When the price is $4 a unit,what is the consumer surplus from the second unit of the good?
A)$7
B)$3
C)$4
D)$1
E)$10

Question

Use the figure below to answer the following questions.  Figure 5.2.1
-Consider Figure 5.2.1.When the price is $4 a unit,what is the consumer surplus from the second unit of the good?
A)$7 
B)$3 
C)$4 
D)$1 
E)$10

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If the price is $4 a unit, and assuming the demand curve is downward sloping, the willingness to pay for the second unit must be higher than $4 for there to be a consumer surplus. Without the specific details from Figure 5.2.1, the correct answer can't be determined precisely from the information given. However, based on common economic principles, if consumers are paying $4 but are willing to pay more for the second unit, the surplus would be the difference between their willingness to pay and the actual price. Since no specific details are provided, this explanation is based on general economic theory.

Use the Figure Below to Answer the Following Questions