consumer surplus is select one: a. the difference between the maximum amount that a consumer is willing to pay for a given amount of a good and the amount that the consumer actually pays b. the difference between the price of the good paid by the consumer and the costs of production to the seller c. the change in total utility derived from a one-unit change in the consumption of a good d. the amount by which quantity supplied exceeds quantity demanded at the current market price e. the amount by which quantity demanded exceeds quantity supplied at the current market price

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04-11-2022
Business

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consumer surplus is select one: a. the difference between the maximum amount that a consumer is willing to pay for a given amount of a good and the amount that the consumer actually pays b. the difference between the price of the good paid by the consumer and the costs of production to the seller c. the change in total utility derived from a one-unit change in the consumption of a good d. the amount by which quantity supplied exceeds quantity demanded at the current market price e. the amount by which quantity demanded exceeds quantity supplied at the current market price

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AnkitM AnkitM · Answer 1 · 2022-11-13T19:39:15-05:00

consumer surplus is the difference between the maximum amount that a consumer is willing to pay for a given amount of a good and the amount that the consumer actually pays

Consumer advantages from market competition are measured economically as consumer surplus. When customers pay less for a good or service than they are willing to, this is known as a consumer surplus. It measures the extra benefit that consumers get from paying less for something than they would have been prepared to.

The economic concept of marginal utility, which is the additional enjoyment a customer receives from purchasing one more unit of an item or service, serves as the foundation for consumer surplus. According to each person's preferences, a good or service's utility differs from person to person.

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