Bob purchases a book for $6, and his consumer surplus is $2. How much is Bob willing to pay for the book?
A) $2.
B) $6.
C) $8.
D) $4.

Name: Bob purchases a book for $6, and his consumer surplus is $2. How much is Bob willing to pay for the book? A) $2. B) $6. C) $8. D) $4.
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Question

Quizplus · Accepted Answer

Bob's consumer surplus is the difference between the maximum price he is willing to pay and the actual price he paid. Therefore, Bob's maximum willingness to pay for the book is $8 ($6 + $2).

Bob Purchases a Book for $6, and His Consumer Surplus