CONSUME
R
SURPLUS
, Definition
• Consumer surplus is an economic concept that measures the differe
between the total amount that consumers are willing to pay for a good
service and the actual amount they end up paying. Essentially, it represents
benefit consumers receive from purchasing a product at a lower price than
maximum they would be willing to pay. Consumer surplus is an econo
measurement of consumer benefits resulting from market competition.
R
SURPLUS
, Definition
• Consumer surplus is an economic concept that measures the differe
between the total amount that consumers are willing to pay for a good
service and the actual amount they end up paying. Essentially, it represents
benefit consumers receive from purchasing a product at a lower price than
maximum they would be willing to pay. Consumer surplus is an econo
measurement of consumer benefits resulting from market competition.
