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 tickets to The Nutty Nutcracker are free and there is no other market for tickets, the total consumer surplus for the five students is:
A) $0.
B) $100.
C) $150.
D) $320.

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 tickets to The Nutty Nutcracker are free and there is no other market for tickets, the total consumer surplus for the five students is:
A) $0. 
B) $100. 
C) $150. 
D) $320.

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If tickets are free, each student's willingness to pay becomes their consumer surplus. Adding the willingness to pay of all five students gives the total consumer surplus.

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