Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good and the market price of the product.

Question

Quizplus · Accepted Answer

Consumer surplus represents the difference between what consumers are willing to pay for a good or service (their maximum price) and the actual price they pay (the market price), indicating the benefit or surplus enjoyment consumers receive from purchasing at the market price.

Consumer Surplus Is the Difference Between the Maximum Price a Consumer