When consumers are able to buy a product at a price lower than its
Marginal value to them, it is called:
A)consumer surplus.
B)consumer sovereignty.
C)producer surplus.
D)marginal utility.

Question

Quizplus · Accepted Answer

Consumer surplus refers to the difference between the price a consumer is willing to pay for a product and the actual price they pay. If the price is lower than the marginal value, the consumer experiences a surplus of value or benefit. Therefore, consumer surplus is the correct choice.

When Consumers Are Able to Buy a Product at a Price