Kayla decides that she would pay as much as $400 for a new refrigerator. She buys the refrigerator and realizes consumer surplus of $75. How much did Kayla pay for her refrigerator?

Question

Quizplus · Accepted Answer

Kayla's consumer surplus is the difference between what she was willing to pay ($400) and what she actually paid. Since her consumer surplus is $75, she paid $400 - $75 = $325.

Kayla Decides That She Would Pay as Much as $400