Economics Supply And Demand Questions
Consumer surplus is a concept in economics that measures the difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay. It represents the additional benefit or value that consumers receive from purchasing a good or service at a price lower than what they were willing to pay. Consumer surplus is calculated by subtracting the actual price paid from the maximum price a consumer is willing to pay. It is a measure of the economic welfare or satisfaction that consumers gain from their purchases.