Figure SEQ Figure 2
-You tell your friend that you like your new jacket so much that you would have paid more for it.You are describing the concept of
A)Economic surplus
B)Total surplus
C)Producer surplus
D)Consumer surplus

Question

Figure SEQ Figure 2 
-You tell your friend that you like your new jacket so much that you would have paid more for it.You are describing the concept of
A)Economic surplus 
B)Total surplus 
C)Producer surplus 
D)Consumer surplus

Quizplus · Accepted Answer

The statement "you would have paid more for it" implies that you value the jacket more than the price you paid for it, resulting in a consumer surplus. Consumer surplus is the difference between the willingness to pay for a good and the price paid for it. Therefore, option D, consumer surplus, is the correct answer.