How can we define consumer surplus in a market
A)It is the area below the demand curve and above the price.
B)It is the distance from the demand curve to the horizontal axis.
C)It is the distance from the demand curve to the vertical axis.
D)It is the area below the demand curve and above the horizontal axis.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay for a product and what they actually have to pay. It is represented by the area below the demand curve and above the price, because it shows the amount of value that consumers receive above and beyond what they have to pay for a product.

How Can We Define Consumer Surplus in a Market