A consumer surplus measures the
...A consumer surplus measures the
Benefits derived from consuming a cheap commodity
Excess of total expenditure over total uility
Difference between marginal utility and marginal cost
Excess of marginal utility over price
Correct answer is C
Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay. For instance if mr A budgeted N100 for commodity X and ended up buying it for 150, consumer surplus is 150-100=50.
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