Refer to the table below. If the six people listed in the table are the only consumers in the market and the equilibrium price is $11, how much consumer surplus will the market generate? Person Maximum Price Willing to Pay Actual Price (Equilibrium Price) Bob $16 $11 Barb 14 11 Bill 13 11 Bart 12 11 Brent 11 11 Betty 10 11 Instructions: Enter your answer as a whole number.

Refer to the table below. If the six people listed in the table are the only consumers in the market and the equilibrium price is $11, how much consumer surplus will the market generate? Person Maximum Price Willing to Pay Actual Price (Equilibrium Price) Bob $16 $11 Barb 14 11 Bill 13 11 Bart 12 11 Brent 11 11 Betty 10 11 Instructions: Enter your answer as a whole number.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 1P

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