Consumer surplus is the difference between what a producer receives for the goods it produces and the cost of producing them.

Name: Consumer surplus is the difference between what a producer receives for the goods it produces and the cost of producing them.
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Question

Quizplus · Accepted Answer

Consumer surplus is actually the difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay. It is not related to the cost of production.

Consumer Surplus Is the Difference Between What a Producer Receives