"Consumer surplus" means that:
A) consumers just get their money's worth in any transaction.
B) consumers don't consume all the products they buy.
C) the price consumers have to pay is more than the value to them.
D) some consumers get more than their money's worth because they would be willing to pay more than the equilibrium price if they had to.
E) there are more consumers than products to satisfy them.

Question

Quizplus · Accepted Answer

Consumer surplus refers to the difference between the maximum price a consumer is willing to pay for a product and the actual price they pay. If a consumer is willing to pay more than the equilibrium price, then they receive a surplus of value from the transaction. Therefore, option D is the best choice as it describes the concept of consumer surplus accurately.

"Consumer Surplus" Means That