What is meant by consumer surplus? aIt is the total quantity of a good bought by a consumer divided by the price paid. bIt is a measure of an individual consumer's utility from the consumption of a good. cIt is the difference between a consumer's maximum willingness to pay and the price. dIt is a measure of the total benefit to consumers from the purchase of a good.

Consumer Surplus is the benefit or monetary gain or welfare a consumer obtain when it purchases a…

Answered: What is meant by consumer surplus? a…

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 12PA

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What is meant by consumer surplus?

	a	It is the total quantity of a good bought by a consumer divided by the price paid.
	b	It is a measure of an individual consumer's utility from the consumption of a good.
	c	It is the difference between a consumer's maximum willingness to pay and the price.
	d	It is a measure of the total benefit to consumers from the purchase of a good.

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