Jamal buys a new jacket for $50. If his willingness to pay is ____, he receives consumer surplus of $15 on his purchase

Name: Jamal buys a new jacket for $50. If his willingness to pay is ____, he receives consumer surplus of $15 on his purchase
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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 Jamal's willingness to pay is $65 and he pays $50, his consumer surplus is $65 - $50 = $15.

Jamal Buys a New Jacket for $50