Mike Really Enjoys Bitter Sweet Coffee and Is Willing to Pay

question 304

Multiple Choice

Mike really enjoys Bitter Sweet coffee and is willing to pay $10 per cup.The retail price is $3.

• A) Mike's consumer surplus is $10 per cup.
• B) Mike has a consumer surplus of $7 per cup.
• C) The seller can raise price to $13 and still make a sale to Mike.
• D) Mike is getting a poor deal on the coffee.

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