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

Name: Jeff buys a new shirt 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 Jeff's consumer surplus is $15 and he paid $50, his willingness to pay must be $65 ($50 + $15).

Jeff Buys a New Shirt for $50