Figure 4-3 Figure 4-3 Shows Kendra's Demand Curve for Ice

question 14

Multiple Choice

Figure 4-3 Figure 4-3 shows Kendra's demand curve for ice cream cones.
-Refer to Figure 4-3. If the market price is $3.50, what is the consumer surplus on the first ice cream cone?

• A) $0
• B) $0.50
• C) $3.50
• D) $9.00

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Definitions:

Income

The amount of money or its equivalent received during a period of time in exchange for labor, goods, or services, or as profit on capital.

Indifference Curves

Graphical representations in economics showing combinations of goods among which a consumer is indifferent, helping to analyze consumer choices.

Nickels

A five-cent coin made by the United States Mint.

Quarters

In financial and business terms, one of the four three-month periods into which the fiscal year is divided for reporting and forecasting purposes.