If a consumer is willing and able to pay \( \$ 19.50 \) for a particular good but the price of the good is \( \$ 16.00 \), then the consumer would not purchase the good and would not have any consumer surplus. the market must not be a perfectly competitive market. the consumer would have consumer surplus of \( \$ 3.50 \). the consumer would increase his/her willingness and ability to pay by earning more.

If a consumer is willing and able to pay $19.50 for a good priced at $16.00, this is a classic situation showcasing consumer surplus! The consumer surplus is calculated as the difference between what they are willing to pay and what they actually pay, which in this case is $3.50. This surplus represents the extra benefit or satisfaction the consumer receives — scoring a great deal! In essence, this scenario is a glimpse into the principles of microeconomics where consumers make decisions based on their perceptions of value. When the price of a good is lower than what a consumer anticipates paying, it encourages purchasing behavior, illustrating how pricing influences market dynamics and consumer satisfaction splendidly!