Use the following to answer questions:
-(Table: Consumer Surplus) Look at the table Consumer Surplus. Assume that each student wants to buy one ticket. If the price of a ticket to see The Nutty Nutcracker is $75, Lois's consumer surplus is:
A) $25.
B) $60.
C) $75.
D) $100.

Question

Use the following to answer questions: 
-(Table: Consumer Surplus) Look at the table Consumer Surplus. Assume that each student wants to buy one ticket. If the price of a ticket to see The Nutty Nutcracker is $75, Lois's consumer surplus is:
A) $25. 
B) $60. 
C) $75. 
D) $100.

Quizplus · Accepted Answer

Lois's willingness to pay is $100, and the ticket price is $75. Consumer surplus is the difference between willingness to pay and the price, which is $100 - $75 = $25.

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