Shelby said to her friend,"I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them." Shelby was describing the concept of

Question

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Shelby's statement suggests that she values her climbing shoes more than the price she paid for them, indicating the presence of consumer surplus, which is the difference between the maximum price a consumer is willing to pay for a good or service and the price that is actually paid.

Shelby Said to Her Friend,"I Just Bought a New Pair