Consumer's surplus is what one consumer is willing to pay for a commodity over what another consumer is willing to pay for the same commodity.

Name: Consumer's surplus is what one consumer is willing to pay for a commodity over what another consumer is willing to pay for the same commodity.
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Question

Quizplus · Accepted Answer

Consumer's surplus is the difference between the maximum price a consumer is willing to pay and the actual price they pay. It is not related to what another consumer is willing to pay.

Consumer's Surplus Is What One Consumer Is Willing to Pay