Graphically, the area that represents the difference between the maximum price consumers were willing to pay for a good and the market price is called
A) consumer surplus.
B) producer surplus.
C) marginal cost.
D) triangular arbitrage.

Question

Quizplus · Accepted Answer

Consumer surplus is the area between the demand curve and the market price, representing the difference between what consumers are willing to pay and what they actually pay.

Graphically, the Area That Represents the Difference Between the Maximum