Which best describes consumer surplus?

3849EconomicsMedium

AThe cost of providing a unit

BThe profits made by a firm

CThe price consumers are willing to pray for a unit

DThe difference the price a consumer pays for an item and the price he/she is willing to pay

Correct answer

D. The difference the price a consumer pays for an item and the price he/she is willing to pay

Explanation

The correct answer is The difference the price a consumer pays for an item and the price he/she is willing to pay.

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