What is the difference between the highest price a consumer is willing to pay for a good and the price the consumer actually pays?

Question

Quizplus · Accepted Answer

The difference between the highest price a consumer is willing to pay for a good and the price the consumer actually pays is known as consumer surplus. This represents the benefit or value that the consumer receives from the good beyond what they had to pay for it. Producer surplus, the substitution effect, and the income effect are all related concepts but are not the best choice for describing this particular situation.

What Is the Difference Between the Highest Price a Consumer