If Debbye Is Willing to Pay $50 for a Pair

question 96

Multiple Choice

If Debbye is willing to pay $50 for a pair of shoes but only has to pay $20 because the shoes are on sale, then her consumer surplus on that pair of shoes is

• A)$50
• B)$20
• C)$70
• D)$30
• E)$25

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Definitions:

Appraisal

An estimate of the value of a property prepared by a person trained in the evaluation of the worth of property.

Survey

A systematic method of collecting data from a sample of individuals to gather information and insights on various subjects.

Solicitor's Fee

The charges or fees paid for the services of a solicitor, a type of lawyer in some jurisdictions.

Sale

The act of selling something, transferring ownership of a product or service to a buyer for a price.