Consumer surplus is
A)the difference between the maximum price consumers are willing to pay and the minimum price producers are willing to accept.
B)the excess of the benefit received from a good over the amount paid for it.
C)the total value to consumers of a good.
D)equal to the area under the demand curve.
E)the total amount paid for a good.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the benefit received from a good and the amount paid for it. It is a measure of the additional benefit consumers receive beyond the price they pay. Options A, C, D, and E do not accurately describe consumer surplus.

Consumer Surplus Is