Suppose the price a consumer pays for a product is equal to a consumer's willingness to pay.What is the consumer surplus of that purchase
A)equal to zero
B)equal to one
C)equal to the consumer's willingness to pay
D)equal to the price paid

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If the price paid equals the willingness to pay, the consumer surplus is zero.

Suppose the Price a Consumer Pays for a Product Is