-In the figure above, for each CD, the price a consumer is willing to pay is equal to the
A) economy's marginal social cost of producing that CD.
B) consumer's own marginal benefit from consuming that CD.
C) consumer's total consumer surplus.
D) Both answers A and B are correct.

Question

-In the figure above, for each CD, the price a consumer is willing to pay is equal to the
A) economy's marginal social cost of producing that CD. 
B) consumer's own marginal benefit from consuming that CD. 
C) consumer's total consumer surplus. 
D) Both answers A and B are correct.

Quizplus · Accepted Answer

The price a consumer is willing to pay for a CD is equal to the consumer's own marginal benefit from consuming that CD, as it reflects the maximum amount they value the additional unit.

-In the Figure Above, for Each CD, the Price a Consumer