Q309
In economics, what a consumer is ready to pay minus what he actually pays, is termed as
A.
Consumer's equilibrium
B.
Consumer's surplus
AnswerC.
Consumer's expenditure
D.
None of the above
Answer: Option B
Solution
Answer: Option B
Solution:
In economics, what a consumer is ready to pay minus what he actually pays, is termed as Consumer's surplus. Consumer surplus is defined as the difference between the consumers' willingness to pay for a commodity and the actual price paid by them, or the equilibrium price.