Solved

A Used Car Was Recently Priced at $20,000

Question 314

Multiple Choice

A used car was recently priced at $20,000.00. Seeing the car, Bobby thought, "It's nice, but if I have to pay more than $19,500 for this car, then I would rather do without it." After negotiations, Bobby purchased the car for $19,250.00. His consumer surplus was equal to


A) $19,500.00.
B) $1,750.00.
C) $250.00.
D) $0.00.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q309: Sam's demand curve for pizza<br>A) lies above

Q310: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The figure above

Q311: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The figure above

Q312: When less than the efficient amount of

Q313: In a competitive equilibrium, the total consumer

Q315: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The table above

Q316: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above figure

Q317: The market supply curve shows the<br>A) minimum

Q318: The supply curve for tablets shows the<br>A)

Q319: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The figure above