Consumer surplus is the difference between the amount a consumer is willing and able to pay, and the amount actually paid.

Name: Consumer surplus is the difference between the amount a consumer is willing and able to pay, and the amount actually paid.
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Consumer surplus represents the value that a consumer receives from a good or service that exceeds the price paid. It is calculated as the difference between the maximum price a consumer is willing to pay and the actual price paid.

Consumer Surplus Is the Difference Between the Amount a Consumer