Economy, asked by evergreenamrita3175, 11 months ago

What do you understand by consumer’s surplus?

Answers

Answered by arbaazqureshi

Answer: Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay. On a supply and demand curve, it is the area between the equilibrium price and the demand curve

For example, if you would pay 76p for a cup of tea, but can buy it for 50p – your consumer surplus is 26p

Explanation:

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