If an individual consumer is willing to pay $11 for one unit of a good but is able to purchase it for $7, then his or her consumer surplus from the purchase of that unit would be:
A)$18.
B)$11.
C)$7.
D)$4.

Name: If an individual consumer is willing to pay $11 for one unit of a good but is able to purchase it for $7, then his or her consumer surplus from the purchase of that unit would be: A)$18. B)$11. C)$7. D)$4.
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Question

Quizplus · Accepted Answer

Consumer surplus is a buyer's reservation price minus the price the buyer actually pays.

If an Individual Consumer Is Willing to Pay $11 for One