f Brock is willing to pay $800 for a new suit but is able to buy the suit for $450, his consumer surplus is: A. $450 B. $350 C. $1200 D. $800
Question
Solution 1
Brock's consumer surplus is calculated as the difference between what he is willing to pay and what he actually pays.
Step 1: Identify the amount Brock is willing to pay. This is given as $800.
Step 2: Identify the amount Brock actually pays. This is given as $450.
Step 3: Subtract the amount Br Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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