Asked by
Ayesa Guerrero
on Nov 04, 2024
Verified
Consumer surplus is the difference between the most a person is willing to pay and market price.
Consumer Surplus
is the difference between the total amount that consumers are willing to pay for a good or service and the total amount that they actually pay.
Market Price
The immediate rate at which an asset or service can be traded in a specific trading place.
- Acquire knowledge on the notion of consumer surplus and the techniques used for its calculation.
Verified Answer
AP
Learning Objectives
- Acquire knowledge on the notion of consumer surplus and the techniques used for its calculation.
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