Consumer surplus is the _______ summed over the quantity bought.
A) value of a good or service minus the price paid for the good or service
B) marginal social benefit minus the marginal social cost
C) number of dollars' worth of other goods and services forgone to obtain one more unit of a good or service
D) value of a good or service plus the price paid for the good or service

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the value that consumers place on a good or service (what they are willing to pay) and the actual price they pay for it. This concept captures the extra benefit consumers receive from paying less than what they are willing to pay.

Consumer Surplus Is the _______ Summed Over the Quantity Bought