If a consumer places a value of $15 on a particular good and if the price of the good is $17,then
A)the consumer has consumer surplus of $2 if he or she buys the good.
B)the consumer does not purchase the good.
C)the market is not a competitive market.
D)there is going to be downward pressure on the price of the good.

Question

Quizplus · Accepted Answer

The consumer is not willing to pay the price of $17 for the good, indicating that the price is above the consumer's willingness to pay. Therefore, the consumer will not purchase the good at this price.

If a Consumer Places a Value of $15 on a Particular