The benefit that consumers get when they buy goods at the equilibrium price is called

Question

Quizplus · Accepted Answer

Consumer surplus is the benefit consumers get when they buy goods at the equilibrium price. It is the difference between the maximum price a consumer is willing to pay and the actual price they pay. Therefore, option C is the correct answer. Marginal utility is the additional satisfaction gained by consuming one more unit of a good or service, and the law of demand states that as the price of a good or service increases, the quantity demanded decreases. Maximum price refers to the highest price at which a good or service can be sold legally in a market.

The Benefit That Consumers Get When They Buy Goods at the Equilibrium