The answer is: "The difference between the price buyers pay for a good and the maximum or highest price they would have paid for the good." This is the definition for
A) taxes.
B) producers' surplus.
C) consumers' surplus.
D) the sum of producers' and consumers' surpluses.
E) the welfare triangle.

Question

Quizplus · Accepted Answer

Consumers' surplus is the difference between the maximum price consumers are willing to pay for a good and the actual price they pay. This measure reflects the benefit or surplus that consumers receive from purchasing a good at a given price.

The Answer Is: "The Difference Between the Price Buyers Pay