When a good is purchased, the difference between what a consumer is willing to pay and what they actually have to pay is consumer surplus.

Name: When a good is purchased, the difference between what a consumer is willing to pay and what they actually have to pay is consumer surplus.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum amount a consumer is willing to pay for a good or service and the actual price they pay.

When a Good Is Purchased, the Difference Between What a Consumer