The difference between the maximum amount a person would be willing to pay for a good and the amount that a person actually pays is called
A) marginal utility
B) equalization principle
C) auction pricing
D) consumer surplus
E) demand responsiveness

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the actual price they do pay.

The Difference Between the Maximum Amount a Person Would Be