Exhibit 6-19

-Consumer surplus at point b in Exhibit 6-19 is:

Name: Exhibit 6-19 -Consumer surplus at point b in Exhibit 6-19 is:
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Question

Exhibit 6-19
 
-Consumer surplus at point b in Exhibit 6-19 is:

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the actual market price. At point b in Exhibit 6-19, the maximum price a consumer is willing to pay is $375 and the actual market price is $228, so the consumer surplus is $375 - $228 = $147.

Exhibit 6-19 -Consumer Surplus at Point B in Exhibit 6-19 Is