The value that consumers get (from consuming a product) over and above what they actually paid for the product is called
A) consumer utility.
B) consumption expenditures.
C) consumer surplus.
D) consumer demand.

Question

Quizplus · Accepted Answer

Consumer surplus refers to the amount of value that consumers receive from purchasing a product, which is greater than the actual price paid for the product. It is the difference between the maximum price a consumer is willing to pay for a product and the actual price paid. Consumer utility refers to the satisfaction or pleasure that consumers derive from using a product. Consumption expenditures refer to the total amount of money spent by consumers on goods and services. Consumer demand refers to the quantity of a product that consumers are willing and able to purchase at a certain price, and is influenced by factors such as price, income, and availability of substitutes.

The Value That Consumers Get (From Consuming a Product) Over