Mister Jones Was Selling His House

question 86

Multiple Choice

Mister Jones was selling his house.The asking price was $220,000,and Jones decided he would take no less than $200,000.After some negotiation,Mister Smith purchased the house for $205,000.Smith's consumer surplus is

• A) $5,000.
• B) $15,000.
• C) $20,000.
• D) not able to be calculated from the information given.

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