Asked by
Aviara Kisselburgh
on Dec 11, 2024
Verified
Kayla decides that she would pay as much as $400 for a new refrigerator. She buys the refrigerator and realizes consumer surplus of $75. How much did Kayla pay for her refrigerator?
A) $75
B) $325
C) $400
D) $475
Consumer Surplus
The gap between the amount consumers are prepared to spend on a good or service and the actual price they pay, signifying consumers' advantage.
Refrigerator
An appliance used to keep food and drinks cool and preserved by maintaining a temperature below the ambient level.
- Ascertain and understand the idea of consumer surplus, demonstrating the variance between the amount consumers wish to pay and the price they actually pay.
Verified Answer
AR
Learning Objectives
- Ascertain and understand the idea of consumer surplus, demonstrating the variance between the amount consumers wish to pay and the price they actually pay.