Consumer surplus is the:
A) amount by which the quantity supplied of a good exceeds the quantity demanded of a good.
B) measure of consumes' willingness to buy a good plus the price of the good.
C) measure of how much consumers value a good.
D) amount consumers are willing to pay for a good minus the amount the consumers actually pays for it.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the amount that a consumer is willing to pay for a good and the actual price that they pay for it. Therefore, option D is the correct answer. Option A describes the excess supply of a good, not consumer surplus. Option B is a vague definition that does not accurately describe consumer surplus. Option C describes how much consumers value a good, but does not describe consumer surplus.

Consumer Surplus Is The