Consumers' total benefit from consuming a good is equal to the
A) total amount spent on the good.
B) consumer surplus on the quantity purchased.
C) consumer surplus plus the total amount spent on the good.
D) consumer surplus minus the total amount spent on the good.
E) total amount spent on the good divided by the number of units purchased.

Question

Quizplus · Accepted Answer

Consumer surplus plus the total amount spent on the good equals consumers' total benefit from consuming a good. Consumer surplus represents the difference between what consumers are willing to pay and what they actually pay, while the total amount spent is the actual expenditure. Together, they reflect the total benefit.

Consumers' Total Benefit from Consuming a Good Is Equal to the