Asked by
Kelsey Carpenter
on Nov 17, 2024
Verified
Consumer surplus is the amount a buyer actually has to pay for a good minus the amount the buyer is willing to pay for it.
Consumer Surplus
The rift between what consumers are economically prepared to spend on a service or product and their actual spending.
- Gain insight into the concepts of willingness to pay, factual payment, and the process of calculating surplus.
Verified Answer
JW
Learning Objectives
- Gain insight into the concepts of willingness to pay, factual payment, and the process of calculating surplus.