To economists, the term consumer surplus means:

Question

Quizplus · Accepted Answer

Consumer surplus refers to the difference between the highest price a consumer is willing to pay for a good or service and the actual price they pay. It represents the consumer's gain from trading and is a measure of the benefit received by consumers in a market transaction. Options A and D are incorrect as they do not accurately describe consumer surplus, while option B is close but not comprehensive enough as it does not capture the willingness of consumers to pay.

To Economists, the Term Consumer Surplus Means