Consumer’s equilibrium
Consumer’s surplus
Consumer’s expenditure
None of the above
✅ The correct answer is B.
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.
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.