The difference between the value of the product and its price remains with the customer as consumer surplus.

Name: The difference between the value of the product and its price remains with the customer as consumer surplus.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum amount a consumer would be willing to pay for a product and the actual price they pay. This difference represents the value the consumer receives beyond what they paid, which is the consumer surplus.

The Difference Between the Value of the Product and Its