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(Figure: Monthly Demand for Ice Cream Cones) The graph Monthly Demand for Ice Cream Cones shows one individual's linear monthly demand for ice cream cones.At $5 per cone,this individual will consume 10 cones in a month.How much consumer surplus does this consumer receive? 
A) $100
B) $50
C) $150
D) $500
Consumer Surplus
Consumer surplus is the difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay, indicating the benefit consumers receive from purchasing at a market price lower than their maximum willingness to pay.
Ice Cream Cones
Frozen dessert treats served in a conical wafer, typically made by filling the cone with scoops of ice cream from one or more flavors.
- Delve into the concept of consumer surplus and its interplay with price modifications.
- Learn how to determine consumer surplus in a variety of market conditions.
- Understand the graphical representation of consumer and producer surplus.
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Learning Objectives
- Delve into the concept of consumer surplus and its interplay with price modifications.
- Learn how to determine consumer surplus in a variety of market conditions.
- Understand the graphical representation of consumer and producer surplus.
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