Suppose Dan is willing to pay a maximum of $3,000 for a piano,but finds one he can buy for $2,500.Dan's consumer surplus from this piano is

Name: Suppose Dan is willing to pay a maximum of $3,000 for a piano,but finds one he can buy for $2,500.Dan's consumer surplus from this piano is
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Question

Quizplus · Accepted Answer

Dan's consumer surplus is the difference between the most he was willing to pay ($3,000) and what he actually paid ($2,500). So, his consumer surplus is $3,000 - $2,500 = $500. Therefore, the best choice is D.

Suppose Dan Is Willing to Pay a Maximum of $3,000