Final answer:
The statement about consumer surplus being the difference between the value the consumer is willing to pay and the market equilibrium price is true. It represents the additional benefit to consumers in a market.
Step-by-step explanation:
The student's statement on consumer surplus is indeed true. Consumer surplus refers to the gap between the price that consumers are willing to pay for a product, based on their preferences, and the lower market equilibrium price at which they actually purchase the product. It represents the additional value or benefit consumers get from paying a price that is less than what they are prepared to pay.
For example, if a consumer is willing to pay $90 for a product but the market price is $80, the consumer surplus for that individual is $10. The aggregate of these individual surpluses at different prices forms the consumer surplus for the market, which is depicted graphically as the area above the market price and below the demand curve.