Bob purchases a book,and his consumer surplus is $3.If Bob is willing to pay $8 for the book,then the price of the book must be
A)$3.
B)$8.
C)$5.
D)$11.

Name: Bob purchases a book,and his consumer surplus is $3.If Bob is willing to pay $8 for the book,then the price of the book must be A)$3. B)$8. C)$5. D)$11.
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Question

Quizplus · Accepted Answer

Bob's willingness to pay for the book is $8, but he only pays $5 ($8 - $3 consumer surplus). Therefore, the price of the book must be $5.

Bob Purchases a Book,and His Consumer Surplus Is $3