Jenny liked a pair of sapphire earrings and thought they would cost around $1,000.She was surprised to find that the price of the earrings was $1,500.However,she decided to buy the earrings anyway.This scenario describes

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the value a consumer attaches to a good or service ($1,500) and what he or she pays for it ($1,500).

Jenny Liked a Pair of Sapphire Earrings and Thought They