Consumer surplus is ________.
A) the difference between the willingness to pay for a good and the price paid for the good
B) the sum of the willingness to pay for a good and the price paid for the good
C) the product of the willingness to pay for a good and the price paid for the good
D) the ratio of the willingness to pay for a good to the price paid for the good

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay for a good and what they actually pay for it. It is the measure of the benefit that consumers receive from purchasing a good at a price lower than what they were willing to pay. Therefore, choice A is the correct answer.

Consumer Surplus Is ________