If Brock is willing to pay $800 for a new suit but is able to buy the suit for $450, his consumer surplus is:
A)$350
B)$450
C)$800
D)$1200

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum amount that a consumer is willing to pay for a good and the actual amount that they pay. 
In this case, Brock is willing to pay $800 for the suit but only pays $450. Therefore, his consumer surplus is $800 - $450 = $350. 
Option A is the correct answer as it represents the consumer surplus. The other options are either the actual price Brock paid or the maximum price he was willing to pay.

If Brock Is Willing to Pay $800 for a New