Which of the following statements best describes the concept of consumer surplus?
A)"Safeway was having a sale on Dreyer's ice cream so I bought 3 quarts."
B)"I was all ready to pay $300 for a new leather jacket that I had seen in Macy's but I ended up paying only $180 for the same jacket."
C)"I paid $130 for a printer last week. This week the same store is selling the same printer for $110."
D)"I sold my Blu-ray copy of Ben-Hur for $18 at a garage sale even though I was willing to sell it for $10."

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the actual price they pay. Option B is the only statement that indicates the consumer paid less than the maximum price they were willing to pay, resulting in consumer surplus. The other options do not mention any potential or actual difference between the maximum price a consumer is willing to pay and the actual price they paid.

Which of the Following Statements Best Describes the Concept of Consumer