Jane pays the market price of $69 for a new pair of running shoes,even though she would be happy to pay a maximum of $100 for the same pair of shoes.This is an example of the concept of:

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum amount a consumer is willing to pay for a good or service and the actual amount they pay for it. In this case, Jane is willing to pay up to $100 for the shoes but only pays $69, so her consumer surplus is $31.

Jane Pays the Market Price of $69 for a New