The value that consumers get (from consuming a product) over and above what they actually paid for the product is called rev: 05_10_2018 Multiple Choice consumer demand. consumption expenditures. consumer surplus. consumer utility.

Consumer surplus occurs when the consumers pay less than what they are willing to pay. It is basically the difference between the amount consumers want to pay and the amount they actually end up paying. It is an additional benefit to consumers as they pay less than what was expected.

For example, Andy is willing to pay $75 for a shirt but the market price is $60. So the consumer surplus will be $15 for Andy. ($75-$60=$15)

Ritushar Ritushar · Answer 2 · 2019-09-17T13:00:13+02:00

The value that consumers get over and above what they paid for the product is called consumer surplus.

Further Explanation:

Consumer surplus: It is measured as a difference between the price that a consumer is willing to pay for the product and the price that consumer pays for the product.

Justification for the correct and incorrect answer

Consumer demand: This option is incorrect.

It refers to the consumer willingness to purchase a service or product based on their desire. It represents the desire of the consumer to buy the product and not takes into consideration the price paid by the consumer.

Consumption expenditures: This option is incorrect.

It is measured by adding the gross private domestic investment, household consumption expenditures, gross investment expenditures and government consumption, gross exports, and import of services and goods.

Consumer surplus: This option is correct.

It is measured as a difference between the price that a consumer is willing to pay for the product and the price that consumer pays for the product.

Consumer utility: This option is incorrect.

It measures the satisfaction obtained by the consumer from the consumption of a commodity.

Learn more:

1. Demand and type of goods

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2. Demand and supply of goods

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3. Elasticity of demand

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Answer details:

Grade: Middle School

Subject: Economics

Chapter: Consumer Behavior

Keywords: The value that consumers get over and above what they paid for the product is called consumer demand, consumption expenditures, consumer surplus, consumer utility.