Refer to Scenario 13.1. At your negotiated price your consumer surplus is:
A) $50.
B) $200.
C) $250.
D) $300.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the actual price paid. In this scenario, the maximum price that Jane is willing to pay for the laptop is $800, but she negotiated and paid only $550. Therefore, her consumer surplus is $800 - $550 = $250.