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      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.

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