The value that consumers get (from consuming a product) over and above what they actually paid for the product is called rev: 05_10_2018 Multiple Choice consumer demand. consumption expenditures. consumer surplus. consumer utility.

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Knapp

Business

14 December, 14:12

The value that consumers get (from consuming a product) over and above what they actually paid for the product is called rev: 05_10_2018 Multiple Choice consumer demand. consumption expenditures. consumer surplus. consumer utility.

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Georgina · Answer 1

Consumer Surplus

Explanation:

Consumer surplus occurs when the consumers pay less than what they are willing to pay. It is basically the difference between the amount consumers want to pay and the amount they actually end up paying. It is an additional benefit to consumers as they pay less than what was expected.

For example, Andy is willing to pay $75 for a shirt but the market price is $60. So the consumer surplus will be $15 for Andy. ($75-$60=$15)