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Use the following to answer questions
Figure: Determining Surplus 3 Use the following to answer questions  Figure: Determining Surplus 3   -(Figure: Determining Surplus 3) In the graph,how much is consumer surplus? A)  $60 B)  $120 C)  $320 D)  $440
-(Figure: Determining Surplus 3) In the graph,how much is consumer surplus?


Definitions:

Free-Rider Problem

A situation where some individuals consume more than their fair share or pay less than their fair share of the cost of a shared resource.

Externalities

Effects of a transaction that affect third parties who did not choose to be involved in the market transaction, which can be either positive or negative.

Nonrivalry

A characteristic of a good where one person's consumption does not diminish the ability of others to consume the same good.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

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