Graphically, the area that represents the difference between the maximum price consumers were willing to pay for a good and the market price is called

A) consumer surplus.
B) producer surplus.
C) marginal cost.
D) triangular arbitrage.

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service and what they end up spending.

Market Price

The current value at which a good or service is bought or sold in the market, typically influenced by the forces of supply and demand.

Maximum Price

A price ceiling, often set by regulatory bodies, above which a particular good or service cannot be sold, intended to protect consumers.