Suppose a Consumer Is Willing to Pay a Maximum of $45

Multiple Choice

Suppose a consumer is willing to pay a maximum of $45 for a brand of perfume whose price increases from $37 to $41.What will be the impact of this price rise on the consumer surplus?

A) Consumer surplus will increase by $8.
B) Consumer surplus will decline by $8.
C) Consumer surplus will increase by $4.
D) Consumer surplus will decline by $4.