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Based on the Table Below, What Is the Consumer Surplus

Question 114

Multiple Choice

Based on the table below, what is the consumer surplus of the 2nd unit consumed assuming this market reaches equilibrium?  Price  Quantity Demanded  Quantity Supplied $1.0071$2.0062$3.0053$4.0044$5.0035$6.0026$7.0017\begin{array}{lcc}\underline{\text { Price } }&\underline{ \text { Quantity Demanded }} & \underline{\text { Quantity Supplied }} \\\$ 1.00 & 7 & 1 \\\$ 2.00 & 6 & 2 \\\$ 3.00 & 5 & 3 \\\$ 4.00 & 4 & 4 \\\$ 5.00 & 3 & 5 \\\$6.00 & 2 & 6 \\\$ 7.00 & 1 & 7\end{array}


A) $1.00
B) $2.00
C) $3.00
D) $7.00
E) $10.00

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