Consumer's surplus is the difference between the worth of a commodity to the consumer and the price the consumer pays for the commodity.

Question

Quizplus · Accepted Answer

Consumer's surplus is defined as the difference between what a consumer is willing to pay for a product or service and what they actually pay. It is calculated by subtracting the price paid from the highest price the consumer was willing to pay, and can be considered a measure of the consumer's satisfaction with the purchase.

Consumer's Surplus Is the Difference Between the Worth of a Commodity