Asked by MARIO MURILLO on May 11, 2024
Verified
Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually has to pay for it.
Consumer Surplus
The difference between the total amount that consumers are willing to pay for a good or service and the total amount that they actually pay.
- Acquire an understanding of the concept and analysis of consumer surplus.
Verified Answer
KN
Kenneth NalvarteMay 12, 2024
Final Answer :
True
Explanation :
Consumer surplus represents the difference between the maximum price a consumer is willing to pay for a product and the actual price they pay, indicating the benefit or surplus enjoyment consumers receive when they pay less than what they were prepared to pay.
Learning Objectives
- Acquire an understanding of the concept and analysis of consumer surplus.