The difference between the most that a consumer would be willing to pay for a good and the amount that a consumer actually pays is called:
A) consumer surplus.
B) utility.
C) demand.
D) quantity demanded.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum amount a consumer is willing to pay for a good or service and the actual amount they do pay. This concept captures the extra satisfaction or benefit consumers receive when they pay less than what they were prepared to pay.

The Difference Between the Most That a Consumer Would Be