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Bob purchases a book, and his consumer surplus is $4. If Bob is willing to pay $12 for the book, then the price of the book must be Select one: a.$3 b.$12 c.$5 d.$8

Bob purchases a book, and his consumer surplus is $4. If Bob is willing to pay $12 for the book, then the price of the book must be Select one: a.$3 b.$12 c.$5 d.$8

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Economics
Bob purchases a book, and his consumer surplus is $4. If Bob is willing to pay $12 for the book, then the price of the book must be Select one: a.$3 b.$12 c.$5 d.$8
Transcribed Image Text:Bob purchases a book, and his consumer surplus is $4. If Bob is willing to pay $12 for the book, then the price of the book must be Select one: a.$3 b.$12 c.$5 d.$8
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