The difference between the amount consumers would be willing to pay and the amount they actually pay for a good is called
A) price elasticity of demand.
B) consumer surplus.
C) the substitution effect.
D) income elasticity of demand.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the amount consumers would be willing to pay and the amount they actually pay for a good.

The Difference Between the Amount Consumers Would Be Willing to Pay