Question

Jane pays the market price of $69 for a new pair of running shoes, even though she would be happy to pay a maximum of $100 for the same pair of shoes. This is an example of the concept of:

Answer 1

The given situation is an example of "Consumers surplus".

Step-by-step explanation:

• Consumer surplus would be an economic concept which, by identifying the gap between some of the commodity value of a commodity as well as what consumers become willing to pay for everything, reflects customer satisfaction and loyalty.
• The discrepancy between some of the highest price a customer can pay as well as the market price those who currently pay seems to be the consumer surplus.