Thinks about your own purchases. Consumer surplus
A) exists only rarely
B) exists on every purchase that a consumer makes
C) never exists-it's only a theoretical concept
D) is received only if a good generates a utility higher than expected
E) is earned on many of the purchases a consumer makes

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It is common for consumers to experience surplus on many purchases when they value the product more than the price paid.

Thinks About Your Own Purchases. Consumer Surplus