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Vaselesa [24]
2 years ago
12

Consumer surplus is: the difference between the price of a product and consumers' valuation of the last unit of the product purc

hased. the difference between the price of a product and what consumers were willing to pay for the product. the difference between the discounted price of a product and its retail price. the difference between the price paid by consumers and the price required of producers.
Business
1 answer:
Ipatiy [6.2K]2 years ago
8 0

Answer:

the difference between the price of a product and what consumers were willing to pay for the product.

Explanation:

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the product.

For example, the highest amount I am willing to pay for a book is $20. The price of the book is $10. My consumer surplus is $20 - $10 = $10

Producer surplus is the difference between the least amount the seller is willing to sell his product and the price of the product.

I hope my answer helps you

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