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15 October, 18:07

Consumer surplus is a. the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. b. the amount a buyer is willing to pay for a good minus the cost of producing the good. c. the amount by which the quantity supplied of a good exceeds the quantity demanded of the good. d. a buyer's willingness to pay for a good plus the price of the good.

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  1. 15 October, 18:10
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    a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

    Explanation:

    We know that,

    The producer and consumer surplus are shown below:

    Producer surplus = Market price - Actual amount to sell the goods

    And, the consumer surplus = Willing to pay - Market price

    The producer surplus is related to the producer whereas the consumer surplus is related to the buyer

    Hence, option a is correct
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