Question

The difference between the willingness to pay for a good and the price that is paid to get it is

A. welfare economics.
B. willingness to sell.
C. producer surplus.
D. consumer surplus.

Answer 1

Consumer surplus

Step-by-step explanation:

The consumer surplus is a measure of the difference between the price a consumer is willing to pay for a unit of a product and the price they actually pay for that product unit.

If a consumer is willing to to pay a higher amount than the actual selling price of a product, it is deduced that the consumer surplus for that product, is higher than if the consumer were charged for the product at his highest willingness point to pay.