1 pts
Question 11
Which of the following statements is TRUE?
I. Consumer surplus is the difference between the maximum price a consumer is willing to pay for a
good or service and its market price.
II. Mr. Bill is willing to pay $10 for two pounds of clay. If the market price per pound of clay is $2.50, his
consumer surplus is $7.50.
III. Total consumer surplus is represented graphically by the area beneath the demand curve and
above the market price.
I only
II only
I and III only
I, II, and III
Question 12