If Stephanie Buys a Laptop for $700 and the Maximum

question 52

Multiple Choice

If Stephanie buys a laptop for $700 and the maximum she would have paid was $1,000, which of the following is true?

• A)​Stephanie received consumer surplus of $1,000.
• B)​Stephanie received producer surplus of $700.
• C)​Stephanie received a consumer surplus of $700.
• D)​Stephanie received a consumer surplus of $300.

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Definitions:

Constructively Presented

A concept where something is deemed to be presented or made available through implication or through the circumstances, rather than by direct presentation.

Donative Intent

The intention to give a gift expressed by a donor, a key requirement in the law of gifts to demonstrate that a transfer is indeed intended as a gift.

Legal Action

Legal action is the process of seeking resolution or enforcement of rights through the judicial system.

Liability

A legal responsibility or obligation, often financial in nature, that an individual or entity is bound to settle.