Lee is willing and able to pay $250 for an iPhone but is able to buy it for $199.Lee's consumer surplus is:
A)$0
B)$51
C)$199
D)$250

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum amount that a consumer is willing to pay for a product and the actual price paid. In this case, Lee is willing to pay $250 but buys it for $199. Therefore, Lee's consumer surplus is $250 - $199 = $51 (Option B).

Lee Is Willing and Able to Pay $250 for an IPhone