Use the following to answer question:
-(Table: Economics Textbooks) The table Economics Textbooks shows how much money four consumers would be willing to pay for a new economics textbook. If the price of the textbook is $100, what is the total consumer surplus received by these consumers?
A) $125
B) $500
C) $100
D) $75

Question

Use the following to answer question: 
-(Table: Economics Textbooks) The table Economics Textbooks shows how much money four consumers would be willing to pay for a new economics textbook. If the price of the textbook is $100, what is the total consumer surplus received by these consumers?
A) $125 
B) $500 
C) $100 
D) $75

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If the price is $100, calculate the surplus for each consumer whose willingness to pay is above $100, then sum these surpluses.

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