-At the competitive market outcome in the above figure, the
A) consumer surplus on the last pound of turkey consumed is equal to zero.
B) total consumer surplus from turkey consumption is $400 million.
C) deadweight loss from turkey consumption is equal to zero.
D) All of the above answers are correct.

Question

-At the competitive market outcome in the above figure, the
A) consumer surplus on the last pound of turkey consumed is equal to zero. 
B) total consumer surplus from turkey consumption is $400 million. 
C) deadweight loss from turkey consumption is equal to zero. 
D) All of the above answers are correct.

Quizplus · Accepted Answer

The competitive market outcome is where the supply and demand curves intersect. At this point, the consumer surplus on the last pound of turkey consumed is equal to zero, the total consumer surplus from turkey consumption is $400 million, and the deadweight loss from turkey consumption is equal to zero.

-At the Competitive Market Outcome in the Above Figure, the