Laqueta buys a new GPS device for her car for $135. She receives consumer surplus of $25 on her purchase if her willingness to pay is

Name: Laqueta buys a new GPS device for her car for $135. She receives consumer surplus of $25 on her purchase if her willingness to pay is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay. If Laqueta's consumer surplus is $25 and she paid $135, her willingness to pay must have been $160 ($135 + $25).

Laqueta Buys a New GPS Device for Her Car for $135