Consumer surplus

Consumer surplus

The difference between what a consumer would be willing to pay for a good or service and what that consumer actually has to pay. Added to producer surplus, it provides a measure of the total economic benefit of a sale.

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Part of Speech: noun
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Industry/Domain: Economy
Category: Economics
Company: The Economist
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consumer surplus

Economy; Economics

The difference between what a consumer would be willing to pay for a good or service and what that consumer actually has to pay. Added to producer surplus, it provides a measure ...

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The amount a consumer is willing to pay for a product – the price the consumer actually pays. Can be used to measure the utility a consumer feels.

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