The benefit that consumers get when they buy goods at the equilibrium price is called
A)Marginal utility.
B)The law of demand.
C)Consumer surplus.

Question

Quizplus · Accepted Answer

Consumer surplus is the benefit or the difference between the maximum price a consumer is willing to pay for a good or service and the price they actually pay in the market. At the equilibrium price, consumers are getting the optimal benefit as they are paying the exact price they are willing to pay, resulting in maximum consumer surplus.

The Benefit That Consumers Get When They Buy Goods at the Equilibrium