Consumer surplus can be defined as the net benefit to consumers from participating in a market.

Question

Quizplus · Accepted Answer

Consumer surplus is indeed the net benefit that consumers receive from participating in a market, and it is measured by the difference between the maximum price a consumer is willing to pay for a product and the actual price they pay. It reflects the additional value that consumers receive over and above what they actually pay for a product or service.

Consumer Surplus Can Be Defined as the Net Benefit to Consumers