Asked by Reginald Louis on Jul 14, 2024
Verified
Consumer surplus is the amount buyers actually pay for a good minus the maximum amount they are willing to pay for it.
Consumer Surplus
The difference between the total amount consumers are willing to pay for a good or service versus the total amount they actually pay.
- Draw distinctions between the ideas of consumer surplus and producer surplus.
Verified Answer
FH
Francis HovanecJul 20, 2024
Final Answer :
False
Explanation :
Consumer surplus is actually the maximum amount a buyer is willing to pay for a good minus the amount they actually have to pay for it.
Learning Objectives
- Draw distinctions between the ideas of consumer surplus and producer surplus.
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