The value of a product to an average consumer is V; and the average price that the firm can charge a consumer for that product is P. Here, V - P can be termed as:

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V - P represents the difference between the value of the product to the consumer (V) and the price that the firm charges for the product (P). This difference is known as consumer surplus per unit, which is the extra value or benefit that the consumer receives from purchasing the product.

The Value of a Product to an Average Consumer Is