Econ 1103 certification - Study guides, Class notes & Summaries

Consumer surplusThe difference between the highest price a consumer is willing to pay for a good or service and the price the consumer actually pays. Measures the benefit to consumers from buying a particular product Marginal benefitthe additional benefit to a consumer from consuming one more unit of a good or service We can use the demand curve to measure the total consumer surplus in a market. Demand curve show the willingness of consumers to purchase a product at different prices. ...