Consumer surplus is the difference between what consumers are willing to pay for a commodity and the price they actually pay for the commodity.

Name: Consumer surplus is the difference between what consumers are willing to pay for a commodity and the price they actually pay for the commodity.
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Question

Quizplus · Accepted Answer

Consumer surplus is defined as the difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay. Therefore, the statement is true.

Consumer Surplus Is the Difference Between What Consumers Are Willing