Jake just bought a new hockey stick. When he was leaving the shop, he thought he had such a great deal and would have paid $50 more dollars for the stick. Jake received
A) total surplus.
B) consumer surplus.
C) equilibrium.
D) marginal cost.
E) producer surplus.

Question

Quizplus · Accepted Answer

Jake's willingness to pay $50 more for the hockey stick indicates that he received consumer surplus, which is the difference between the maximum price a consumer is willing to pay and the actual price paid for the good.

Jake Just Bought a New Hockey Stick