Consumer surplus is the value of
A)consumer spending on frivolous goods.
B)the cumulative difference between what consumers are willing to pay and the price they actually pay.
C)the difference between the suggested retail price and the everyday low price.
D)the difference between the list price and the price the consumer can negotiate.
E)making bulk purchases.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay for a good or service and the price they actually pay. It represents the additional value or benefit that consumers receive beyond what they have to give up in terms of monetary cost. This surplus may result from factors like discounts, sales, or simply a consumer's willingness to pay more for a good than its market price.

Consumer Surplus Is the Value of