Suppose your own demand curve for tomatoes slopes downward.Suppose also that,for the last tomato you bought this week,you paid a price exactly equal to your willingness to pay.Then
A)you should buy more tomatoes before the end of the week.
B)you already have bought too many tomatoes this week.
C)your consumer surplus on the last tomato you bought is zero.
D)your consumer surplus on all of the tomatoes you have bought this week is zero.

Question

Quizplus · Accepted Answer

If you paid a price exactly equal to your willingness to pay, then you did not experience any consumer surplus on the last tomato you bought. Consumer surplus is the difference between the maximum price a person is willing to pay for a good and the actual price paid. So, option C is correct. Option A and B cannot be determined without further information. Option D is not correct as there could have been consumer surplus on the other tomatoes bought earlier in the week.

Suppose Your Own Demand Curve for Tomatoes Slopes Downward