When you are willing to pay $5 for a hamburger but you pay $4 for it, your consumer surplus for the hamburger is:

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the price a consumer is willing to pay for a good or service and the actual price they pay. In this case, the consumer was willing to pay $5 for a hamburger but paid $4, so the consumer surplus is $1 ($5 - $4 = $1).  Therefore, the best choice is B.

When You Are Willing to Pay $5 for a Hamburger