Ray buys a new tractor for $118,000.He receives consumer surplus of $13,000 on his purchase.Ray's willingness to pay is
A)$13,000.
B)$105,000.
C)$118,000.
D)$131,000.

Name: Ray buys a new tractor for $118,000.He receives consumer surplus of $13,000 on his purchase.Ray's willingness to pay is A)$13,000. B)$105,000. C)$118,000. D)$131,000.
Brand: Quizplus
Rating: 4.9 (27 reviews)

Question

Quizplus · Accepted Answer

Ray's willingness to pay is the sum of the price he paid ($118,000) and the consumer surplus ($13,000), which equals $131,000.

Ray Buys a New Tractor for $118,000