Question

Consumer surplus is the:_____

a. price of a good expressed in dollars
b. value of a good minus the price paid for it summed over the quantity bought.
c. value of a good expressed in dollars.
d. value of a good plus the price paid for it summed over the quantity bought.

Answer 1

b. value of a good minus the price paid for it summed over the quantity bought.

Step-by-step explanation:

Consumer surplus is the value of a good minus the price paid for it summed over the quantity bought, it is the difference between the highest price a consumer is willing to pay and the actual market price of the good.

Answer 2

b. value of a good minus the price paid for it summed over the quantity bought.

Step-by-step explanation: