The difference between the total amount that people would have been willing to pay for the total quantity produced and consumed in a market and what they actually pay at the market clearing price is called
A) production excess.
B) excess demand.
C) market surplus.
D) consumer surplus.

Question

Quizplus · Accepted Answer

The concept described in the question is that of consumer surplus - the difference between what consumers are willing to pay and what they actually pay at the market clearing price. Choices A and B are not accurate terms for this concept, and while choice C is closer, it is less specific than the term "consumer surplus."

The Difference Between the Total Amount That People Would Have