Consumer surplus is:
A)the amount by which quantity supplied exceeds quantity demanded at the current market price.
B)the amount by which quantity demanded exceeds quantity supplied at the current market price.
C)the change in total utility derived from a one-unit change in the consumption of a good.
D)the horizontal sum of the individual demand curves for all consumers in the market.
E)valued by the difference between the maximum price consumers are willing to pay and the amount they actually pay.

Question

Consumer surplus is:​
A)the amount by which quantity supplied exceeds quantity demanded at the current market price.
B)the amount by which quantity demanded exceeds quantity supplied at the current market price.
C)the change in total utility derived from a one-unit change in the consumption of a good.
D)the horizontal sum of the individual demand curves for all consumers in the market.
E)valued by the difference between the maximum price consumers are willing to pay and the amount they actually pay.

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the amount they actually pay. It represents the value that consumers receive above and beyond what they have to pay for a particular product or service.

Consumer Surplus Is:​

Consumer Surplus Is: