The difference between the price consumer's pay and the amount they would actually have been willing to pay to obtain the benefits is known as ____________.
A) net value
B) gross value
C) consumer surplus
D) moderate value
E) consumer demand

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what the consumer is willing to pay for a product or service and what they actually have to pay for it. This surplus is considered a benefit that the consumer receives from the transaction.

The Difference Between the Price Consumer's Pay and the Amount