Economics · Microeconomics

Consumer's surplus can be defined as the:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Total satisfaction derived by a consumer from consuming a good
2Difference between the maximum price a consumer is willing to pay and the actual price paid✓
3Surplus commodity left after total consumption
4Extra units of a commodity bought by a consumer

Correct answer

Difference between the maximum price a consumer is willing to pay and the actual price paid

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