Answered

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The benefit received by a person paying a lower price than the person would have been willing to pay is called a:

A. diminishing marginal utility
B. rip-off
C. consumer surplus
D. bargain

Sagot :

GinnyAnswer

Final answer:

Consumer surplus is the benefit consumers gain by paying less than their maximum price limit, a fundamental concept in economics.


Explanation:

Consumer surplus is the benefit consumers receive when they purchase goods at a price lower than the maximum they are willing to pay. It represents the monetary gain obtained by consumers due to paying less than their highest price limit. This concept is crucial in understanding the dynamics of consumer behavior and market transactions.


Learn more about Consumer Surplus here:

https://brainly.com/question/34926592


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