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Exhibit 5-3 Refer to Exhibit 5-3 Which Shows the Demand and Supply

Question 51

Multiple Choice

Exhibit 5-3
Exhibit 5-3 Refer to Exhibit 5-3 which shows the demand and supply of a college athlete.  If the college is allowed to pay this student athlete its market equilibrium wage of $10,000, what is the consumers' surplus for the college that buys this one athlete's services at this wage? A) area 1 B) area 2 C) area 3 D) area 1 + 2
Refer to Exhibit 5-3 which shows the demand and supply of a college athlete.  If the college is allowed to pay this student athlete its market equilibrium wage of $10,000, what is the consumers' surplus for the college that buys this one athlete's services at this wage?


A) area 1
B) area 2
C) area 3
D) area 1 + 2

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