Scenario 12-1 Ken Places a $20 Value on a Cigar, and Mark

question 501

Multiple Choice

Scenario 12-1
Ken places a $20 value on a cigar, and Mark places a $17 value on it. The equilibrium price for this brand of cigar is $15.
-Refer to Scenario 12-1. How much total consumer surplus do Ken and Mark get when each purchases one cigar?

• A)$1
• B)$2
• C)$5
• D)$7

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