Questions: The difference between the maximum price consumers are willing and able to pay for a good or a service and the price they actually pay is the consumer surplus.

The difference between the maximum price consumers are willing and able to pay for a good or a service and the price they actually pay is the consumer surplus.

Transcript text: Fill in the Blank Question The difference between the maximum price consumers are willing and able to pay for a good or a service and the price they actually pay is the $\square$ surplus.

Solution

The answer is: consumer surplus.

Explanation:

Consumer surplus is the term used to describe the difference between the maximum price consumers are willing and able to pay for a good or service and the price they actually pay. It represents the benefit or value that consumers receive when they pay less for a product than what they were prepared to pay.

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