Which of the following defines consumer surplus?
A) Individuals consume where: MUa/MUb = Pa/Pb
B) The extra satisfaction gained from consuming one extra unit of a good within a given time period
C) The excess of what a person would have been prepared to pay for a good over what that person actually pays
D) The attempt to maximise total consumer surplus
E) The excess of a person's total utility from the consumption of a good over the total amount that person spends on it
Correct Answer:
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