A used truck has a sticker price of $21,000.Arthur decides that he will pay no more than $19,750 for this truck.He buys the truck for $19,250.Arthur obtains a consumer surplus of

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Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay. Arthur was willing to pay $19,750 but paid $19,250, so his consumer surplus is $500.

A Used Truck Has a Sticker Price of $21,000