Which of the following statements best captures the concept of consumer surplus?
A)"I saw a sale for flowers,so I bought four bundles."
B)"I was willing to pay $30 for a dozen roses,but I bought them for $20."
C)"I was willing to pay $30 for roses,but they are selling for $35,so I did not buy."
D)"I paid $35 for roses last week and just saw them for sale now at $25."

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 for it. In statement B, the individual was willing to pay $30 for the roses, but only had to pay $20, resulting in a consumer surplus of $10 ($30 - $20).

Which of the Following Statements Best Captures the Concept of Consumer