The condition P = MC implies that

A) there is no consumer surplus for any consumer.
B) an individual who values the product at more than P will receive consumer surplus.
C) an individual who values the product at less than P will receive consumer surplus.
D) the amount of consumer surplus is infinite.

P = MC

An equation denoting the condition where the price of a good equals its marginal cost, typically associated with perfect competition and profit maximization.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Product Value

The importance or usefulness of a product to a consumer, often reflected in their willingness to pay for it.