The concept of consumer surplus is defined as:
A)The difference between the maximum price the customer would have been prepared to pay and the actual price he pays
B)The customer satisfaction generated by the sale
C)The difference between the value of the firm's outputs and inputs
D)The portion of product a customer doesn't consume when he buys too much

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay for a product and the actual price they pay. It represents the benefit or surplus that the consumer receives from purchasing the product at a price lower than what they were willing to pay.

The Concept of Consumer Surplus Is Defined As