Question

    Consumer surplus

    is
    A a buyer’s willingness to pay plus the price Correct Answer Incorrect Answer
    B the price of the product minus the buyer’s willingness to pay Correct Answer Incorrect Answer
    C when the buyer’s willingness to pay and the price of the product are equal Correct Answer Incorrect Answer
    D a buyer’s willingness to pay minus the price Correct Answer Incorrect Answer

    Solution

    Consumer surplus is a concept in economics that represents the difference between what a consumer is willing to pay for a good or service and the actual price they pay for it. It measures the additional benefit or utility that consumers receive from a transaction beyond what they have to pay.

    Practice Next
    More Important Agriculture Q Questions

    Relevant for Exams:

    ask-question