If Stephanie buys a laptop for $700 and the maximum she would have paid was $1,000, which of the following is true?
A)Stephanie received consumer surplus of $1,000.
B)Stephanie received producer surplus of $700.
C)Stephanie received a consumer surplus of $700.
D)Stephanie received a consumer surplus of $300.

Question

If Stephanie buys a laptop for $700 and the maximum she would have paid was $1,000, which of the following is true?
A)​Stephanie received consumer surplus of $1,000.
B)​Stephanie received producer surplus of $700.
C)​Stephanie received a consumer surplus of $700.
D)​Stephanie received a consumer surplus of $300.

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price they pay. Stephanie was willing to pay up to $1,000 but only paid $700, so her consumer surplus is $300.

If Stephanie Buys a Laptop for $700 and the Maximum