The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is
A)allocative efficiency.
B)productive efficiency.
C)the consumer surplus.
D)the producer surplus.

Question

Quizplus · Accepted Answer

The consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays. This represents the additional benefit or value the consumer receives from purchasing the product at a lower price than they were willing to pay.

The Difference Between the Maximum Price a Consumer Is Willing