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The difference between the maximum price a consumer is willing to pay and the price the consumer actually has to pay for a product is referred to as
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The difference between the maximum price a consumer is willing to pay and the price the consumer actually has to pay for a product is referred to as

User Dmitry Melnikov
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18 votes

Answer:

Consumer surplus is the difference between the highest price a consumer is willing to pay and the actual price they do pay for the good, or the market price. ... Economic surplus is calculated by combining the surplus benefit that is experienced by both consumers and producers in an economic transaction.

User Jasonhao
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