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1) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice

cream is $2 per gallon, then the maximum that Dana is willing to pay for the 8th gallon of ice

cream is

A) $1.

B) $2.

C) $3.

D) $5.

Answer: C

2) In the figure above, when the market is in equilibrium, total consumer surplus on all the CDs

bought will be

A) greater than $30 million.

B) less than at any other price.

C) $20 million.

D) less than $15 million.

Answer: C

3) In the figure above, when the price of a CD is $8.00, total producer surplus from all the CDs

will be

A) zero.

B) greater than at $10.00 per CD.

C) $20 million.

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