Which economic term describes the net benefit to consumers who are willing to pay more for a good than the actual market equilibrium price they pay?

💡 Solution & Explanation

Consumer surplus is defined as the economic measure of consumer welfare, calculated as the difference between the maximum price a consumer is willing to pay for a good and the lower market equilibrium price they actually pay. Producer surplus, by contrast, measures the benefit to sellers by comparing market price against their minimum acceptable supply cost. Consumer surplus analysis is a foundational topic in microeconomic consumer behavior theory.