What is the term for the difference between the value of a good to consumers and its price?
A) demand
B) marginal utility
C) total utility
D) consumer surplus

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the actual price paid. It represents the value that consumers receive beyond what they had to give up. Choices A, B, and C are related to consumer behavior and utility theory but do not specifically address the difference between the value of a good and its price.

What Is the Term for the Difference Between the Value