The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid

Question

kkurt [141]

3 years ago

11

The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid

for that quantity is known as _____

Social Studies

1 answer:

Katyanochek1 [597] · Answer 1 · 2022-04-09T18:57:51+03:00

Answer: consumer surplus

Explanation:

The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is known as consumer surplus. On a supply and demand curve, it is the area between the equilibrium price and the demand curve. For example, if you would pay 76 dollars for a cup of tea but can buy it 50 dollars, your consumer surplus is 26 dollars