The difference between what the consumers would have been willing to pay for a good and the amount the good is actually being sold for is called societal

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Quizplus · Accepted Answer

The difference between what consumers are willing to pay and what they actually pay is called consumer surplus. This represents the benefit that consumers receive from the good, and is a measure of their welfare. Deadweight loss refers to the loss of overall welfare that results from a market not being efficient, while producer surplus is the difference between the price a producer receives and the minimum price they would be willing to accept for a good.

The Difference Between What the Consumers Would Have Been Willing