Jake just bought a new hockey stick.When he was leaving the shop,he thought that he such a great deal and would have paid $50 more dollars for the stick.Jake received
A) producer surplus.
B) equilibrium.
C) marginal cost.
D) total surplus.
E) consumer surplus.

Question

Quizplus · Accepted Answer

Jake's feeling indicates that he received more value from the purchase than what he paid for it. This excess benefit is known as consumer surplus. Hence, the correct answer is E.

Jake Just Bought a New Hockey Stick