Patrice buys a new cell phone for $80. She receives consumer surplus of $35 on her purchase if her willingness to pay is

Name: Patrice buys a new cell phone for $80. She receives consumer surplus of $35 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 Patrice's consumer surplus is $35 and she paid $80, her willingness to pay must have been $115 ($80 + $35).

Patrice Buys a New Cell Phone for $80