A-LevelEconomicsBasic economic ideas and resource allocation9708/12 · Oct/Nov 2013 · Q121 Mark
A consumer needed a new camera and a new armchair. She was prepared to spend $500 on one item. She discovered that the camera cost $450 and the armchair $500. She bought the camera. What was her opportunity cost and her consumer surplus? [Table 12.1]
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Athe armchair, $50
Bthe armchair, $500
C$50, $450
D$450, $50
✓ Correct answer
A: the armchair, $50
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