Pat bought a new car for $15,500 but was willing to pay $24,000.The consumer surplus is
A)$8,500.
B)$15,500.
C)$24,000.
D)$39,500.

Name: Pat bought a new car for $15,500 but was willing to pay $24,000.The consumer surplus is A)$8,500. B)$15,500. C)$24,000. D)$39,500.
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Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the price a consumer is willing to pay and the actual price paid. In this case, Pat was willing to pay $24,000 but only paid $15,500, so the consumer surplus is $8,500.

Pat Bought a New Car for $15,500 but Was Willing