Multiple Choice
Consider the market for socks.The current price of a pair of plain white socks is $5.00.Two consumers,Jeff and Samir,are willing to pay $7.25 and $8.00,respectively,for a pair of plain white socks.Two sock manufacturers are willing to sell plain white socks for as little as $4.00 and $4.15 per pair.How much is total consumer surplus in this market?
A) $2.25
B) $3.00
C) $0.75
D) $5.25
E) $15.25
Correct Answer:
Verified
Correct Answer:
Verified
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