What is the difference between the very maximum price that a consumer might be willing to pay and the price the consumer actually pays?
A)Consumer advantage
B)Double counting
C)Consumer surplus
D)Discount rate

Question

Quizplus · Accepted Answer

The consumer surplus is the difference between the very maximum price that a consumer might be willing to pay and the price the consumer actually pays.
Key Takeaway: The consumer surplus is very closely related to the demand curve for the product that the consumer is in the process of purchasing. The demand curve for the product shows that very maximum prices that different consumers are willing to pay for a particular good, showing the value of that good to the consumers. The consumer's surplus is simply the different between the maximum price that the consumer would be willing to pay versus the actually price that the consumer has to pay.

What Is the Difference Between the Very Maximum Price That