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?Exhibit
the Schedule Below Represents the Willingness of a Typical

Question 9

Multiple Choice

?Exhibit
The schedule below represents the willingness of a typical consumer to pay for wine in a year. Suppose there are 10,000 identical consumers in the community.
Price PerBottle of WineBottles of WineConsumed Per Year$501$402$303$204$105\begin{array}{cc}\text {Price Per} &\text {Bottle of Wine}\\\text {Bottles of Wine} &\text {Consumed Per Year}\\\hline\$ 50& 1 \\ \$ 40 & 2 \\\$ 30 & 3 \\\$ 20 & 4 \\\$ 10 & 5\end{array}
-Refer to Exhibit. If the market price of wine is $20, the total consumer surplus for the community equals:


A) $20,000.
B) $30,000.
C) $50,000.
D) $60,000.

Correct Answer:

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