The difference between the value of a good to consumers and its price is known as:
A)demand.
B)marginal utility.
C)total utility.
D)opportunity cost
E)consumer surplus.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum amount a consumer is willing to pay for a good and its actual market price. It represents the additional benefit that consumers receive from a good beyond what they had to pay for it. It is a measure of the value that consumers place on a good and can be used to assess their overall welfare in a market.

The Difference Between the Value of a Good to Consumers