If Russell values a ticket to a rock concert at $100 and is able to purchase it for only $40, he has received ____ in consumer surplus on his purchase. (Fill in the blank.)
A) $40
B) $60
C) $100
D) $140

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay (in this case, $100) and the actual price paid ($40), which is $60 in this case. So, the correct answer is choice B, $60.

If Russell Values a Ticket to a Rock Concert at $100