Suppose Connor is willing to pay $400 for a new suit for his graduation,but is able to buy the suit for $350.What is his consumer surplus
A)$50
B)$150
C)$350
D)$400

Name: Suppose Connor is willing to pay $400 for a new suit for his graduation,but is able to buy the suit for $350.What is his consumer surplus A)$50 B)$150 C)$350 D)$400
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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. Here, it's $400 - $350 = $50.

Suppose Connor Is Willing to Pay $400 for a New