Consumer Surplus Flashcards

1
Q

Consumer surplus

A

-Individual consumers have no say in the
determination of market prices.
-It refers to the difference between
how much buyers are prepared to pay for a good and what they actually pay.

-Market price below what you are willing to pay your
purchase will result in consumer surplus.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly