Suppose Bill receives a consumer surplus of $3 on his purchase of a pizza, for which he paid $9. The price Bill was willing and able to pay is

Name: Suppose Bill receives a consumer surplus of $3 on his purchase of a pizza, for which he paid $9. The price Bill was willing and able to pay is
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Question

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Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay. Since Bill received a consumer surplus of $3 and paid $9, he was willing to pay $9 + $3 = $12.

Suppose Bill Receives a Consumer Surplus of $3 on His