Consumer surplus is
A)the sum of the marginal values to the consumer.
B)the total value that a consumer receives from the purchase of a particular good.
C)a measure of the gains that a consumer forgoes by buying this product rather than another.
D)the difference between what the consumer is willing to pay for all the units consumed and what he or she actually paid.
E)the consumption of a commodity above and beyond the amount required by the consumer.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what the consumer is willing to pay for all the units consumed and what he or she actually paid. It measures the value a consumer receives from a purchase that exceeds the price paid. It represents the net benefit to the consumer from the purchase.

Consumer Surplus Is