Consumer surplus is: a. the sum of quantity demanded and quantity supplied. b. the difference between quantity demanded and quantity supplied. c. the difference between the income and expenditure of a consumer in the current time period. d. the difference between the most a consumer would be willing to pay for a quantity of a good and what a consumer actually has to pay. e. the ratio of the price of a good to the proportion of income spent on the good.

Consumer surplus is: a. the sum of quantity demanded and quantity supplied. b. the difference between quantity demanded and quantity supplied. c. the difference between the income and expenditure of a consumer in the current time period. d. the difference between the most a consumer would be willing to pay for a quantity of a good and what a consumer actually has to pay. e. the ratio of the price of a good to the proportion of income spent on the good.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 2WNG

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	a.	the sum of quantity demanded and quantity supplied.
	b.	the difference between quantity demanded and quantity supplied.
	c.	the difference between the income and expenditure of a consumer in the current time period.
	d.	the difference between the most a consumer would be willing to pay for a quantity of a good and what a consumer actually has to pay.
	e.	the ratio of the price of a good to the proportion of income spent on the good.