Question

_______ is best described as the difference between the value a consumer attaches to a good or service and what he or she paid for it. consumer equity consumer lifetime value consumer surplus consumer price index references multiple choice

Answer 1

Consumer Surplus

This is the difference between what consumers are willing and able to pay and what they actually do pay. You may be willing to spend up to $100 on a new pair of shoes but if you find the perfect pair on sale for $20 you will buy those and there will be an $80 surplus.