Table: Maximum Willingness to Pay The Table Shows Four Individuals' Maximum Willingness to Pay for
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question 175

Multiple Choice

Table: Maximum Willingness to Pay $$\begin{array} { l c } \hline \text { Name } & \begin{array} { c } \text { Willingness to pay } \\\text { for 1 lb of bananas }\end{array} \\\hline \text { Jill } & \$ 2.00 \\\text { Joe } & 1.25 \\\text { Jane } & 0.75 \\\text { James } & 0.25 \\\hline\end{array}$$ The table shows four individuals' maximum willingness to pay for one pound of bananas. If the market price of bananas is $0.50/lb, what is the total consumer surplus in the market?

• A) $4.00
• B) $2.50
• C) $2.75
• D) $4.25

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Definitions:

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