Suppose That a Customer's Willingness to Pay for a Product

question 307

Multiple Choice

Suppose that a customer's willingness to pay for a product is $1,480, and the seller's willingness to sell is $1,210. If the negotiated price is $1,300, how much is consumer surplus?

• A) $90
• B) $180
• C) $220
• D) $270

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Definitions:

Customer Service

The ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience.

Modes of Delivery

The various methods through which goods, services, or information are transported or delivered to the recipient.

Aggregating Prospective Buyers

The process of compiling and uniting potential customers into a single group or database for targeted marketing.

Marketing Action

Any strategy or campaign undertaken by a company to promote its product, brand, or service to its target market.