Amy buys a new dog for $1500. She receives consumer surplus of $300 on her purchase. Her willingness to pay is: A. $300 B. $1500 C. $1800 D. $1200
Question
Amy buys a new dog for $1500. She receives consumer surplus of $300 on her purchase. Her willingness to pay is: A. $300 B. $1500 C. $1800 D. $1200
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Solution 1
The answer is C. $1800.
Here's the step-by-step explanation:
Consumer surplus is the difference between what a consumer is willing to pay for a good or service and what they actually pay.
In this case, Amy's consumer surplus is $300, and she actually paid $1500 for the dog.
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