The cumulative difference between what buyers are willing to pay and the price they actually pay is
A)producer surplus.
B)deadweight loss.
C)total economic surplus.
D)conspicuous consumption.
E)consumer surplus.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what buyers are willing to pay and what they actually pay. It represents the extra satisfaction or benefit consumers receive from a transaction beyond what they had to pay for it. Therefore, the cumulative difference between what buyers are willing to pay and the price they actually pay is consumer surplus.

The Cumulative Difference Between What Buyers Are Willing to Pay