Use the following for questions 111-115.

-(Exhibit: The Demand for Golf Balls) Assume that 2 dozen golf balls are purchased for $16 per dozen.Consumer surplus is:
A) $1.
B) $4.
C) $9.
D) $16.

Question

Use the following for questions 111-115.
  
-(Exhibit: The Demand for Golf Balls) Assume that 2 dozen golf balls are purchased for $16 per dozen.Consumer surplus is:
A) $1. 
B) $4. 
C) $9. 
D) $16.

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If 2 dozen golf balls are purchased for $16 per dozen, and assuming the willingness to pay is higher, the consumer surplus would be the difference, which is $4.

Use the Following for Questions 111-115