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1) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice
cream is $2 per gallon, then the maximum that Dana is willing to pay for the 8th gallon of ice
cream is
A) $1.
B) $2.
C) $3.
D) $5.
Answer: C
2) In the figure above, when the market is in equilibrium, total consumer surplus on all the CDs
bought will be
A) greater than $30 million.
B) less than at any other price.
C) $20 million.
D) less than $15 million.
Answer: C
3) In the figure above, when the price of a CD is $8.00, total producer surplus from all the CDs
will be
A) zero.
B) greater than at $10.00 per CD.
C) $20 million.
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