Question

The difference between the amount consumers would be willing to pay and the amount they actually pay for a good is called:_________

Answer 1

The difference between the amount consumers would be willing to pay and the amount they actually pay for a good is called  Consumer surplus

Consumer surplus

• A consumer surplus happens when the price that consumers pay for a product or service is less than the price they're willing to pay. It's a measure of the additional benefit that consumers receive because they're paying less for something than what they were willing to pay.

What is consumer surplus formula?

• Consumer surplus = Maximum price buyer is willing to pay – Actual price. The consumer surplus formula for multiple consumers can be expressed as follows:
• Consumer Surplus = ½ × Demand quantity at equilibrium  × (Maximum price buyer is willing to pay – Market price)

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