The benefit that consumers get when they buy goods at the equilibrium price but were willing to pay more is called
A)Marginal utility.
B)The law of demand.
C)Consumer surplus.
D)Maximum price.

Question

Quizplus · Accepted Answer

Consumer surplus is the benefit that consumers receive when they pay less for a good or service than the maximum price they were willing to pay. It is calculated as the difference between the maximum price a consumer is willing to pay and the equilibrium price they actually pay. Therefore, if a consumer was willing to pay more for a good but buys it at the equilibrium price, they receive a benefit in the form of consumer surplus.

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