Figure 7-3
-Refer to Figure 7-3.If the price of the good is $5,then consumer surplus is
A) $9.
B) $11.
C) $13.
D) $16.

Question

Figure 7-3 
-Refer to Figure 7-3.If the price of the good is $5,then consumer surplus is
A) $9. 
B) $11. 
C) $13. 
D) $16.

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price paid. In this case, the maximum price the consumer is willing to pay is $16 and the actual price paid is $5. Therefore, the consumer surplus is $11 (i.e., $16 - $5).

Figure 7-3 -Refer to Figure 7-3.If the Price of the Good Is