If Justin is willing to pay as much as $100 for a ticket to see the Rolling Stones, but is able to buy a ticket for $55, then he has a(n)
A) consumer surplus of $45
B) consumer deficit of $45
C) marginal utility of $45
D) marginal utility of $55
E) total utility of $155

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay and what the consumer actually pays. Justin was willing to pay $100 but paid $55, so his consumer surplus is $100 - $55 = $45.

If Justin Is Willing to Pay as Much as $100