Reffonomics Video -- Market Consumer Surplus

After watching the video, scroll down to take the three multiple choice questions.





1. At a price of zero, what is the total consumer surplus?

A) $10,000
B) $1,000
C) $500
D) $250
E) $0



2. At a price of $6, what is the total consumer surplus?

A) $240
B) $180
C) $120
D) $80
E) $6



3. Which of these definitions below describes what consumer surplus is?

A) The additional benefit received by paying the equilibrium price.
B) On a graph CS = 1/2 base x height.
C) On a graph it is the triangle located above the price charged in the market and below the demand curve.
D) The difference between what people in the market were willing to pay and what they actually paid.
E) All of the above.