The value that consumers get (from consuming a product) over and above that they actually paid for the product is called:
A) Consumer utility
B) Consumption expenditures
C) Consumer surplus
D) Consumer demand

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the actual price they pay. It represents the extra value or benefit that consumers receive from a product beyond what they paid for it. Consumer utility refers to the satisfaction or usefulness that consumers derive from a product. Consumption expenditures refer to the amount of money spent on purchasing a product. Consumer demand refers to the amount of a product that consumers are willing and able to buy at different prices.

The Value That Consumers Get (From Consuming a Product) Over