Gehrig is willing to pay $90 for a cap made of raccoon skin.Suppose he finds such a cap for $71 on eBay.If Gehrig buys the cap, he will have an individual consumer surplus of $71.

Name: Gehrig is willing to pay $90 for a cap made of raccoon skin.Suppose he finds such a cap for $71 on eBay.If Gehrig buys the cap, he will have an individual consumer surplus of $71.
Brand: Quizplus
Rating: 4.8 (46 reviews)

Question

Quizplus · Accepted Answer

Gehrig's individual consumer surplus would be $19 ($90 - $71), not $71.

Gehrig Is Willing to Pay $90 for a Cap Made