The difference between the amount consumers would be willing to pay and the amount they actually pay for a good is called

A) price elasticity of demand.
B) consumer surplus.
C) the substitution effect.
D) income elasticity of demand.

Consumer Surplus

The variance between consumers' potential payment for a good or service and their actual expenditure.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating sensitivity to price changes.