If a consumer plans to spend 120k on four oranges but spent 80k, his consumer...
ECONOMICS
JAMB 2010
If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
- A. N1.50
- B. N0.40
- C. N1.00
- D. N2.00
Correct Answer: B. N0.40
Explanation
Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay. consumer surplus = 120 - 80 = 40
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