If a consumer is willing to pay more for a good than he/she actually must pay, he/she enjoys a gain for that unit of output known as consumer surplus.

Question

Quizplus · Accepted Answer

This statement is true. Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay. If a consumer is willing to pay more for a good than the actual price, they will experience a gain in the form of consumer surplus.

If a Consumer Is Willing to Pay More for a Good