A-LevelEconomicsThe price system and the microeconomy9708/12 · May/June 2014 · Q121 Mark
What is consumer surplus?
Athe difference between the cost of producing a good and what consumers would be willing to
pay for it
Bthe difference between what consumers actually pay for a good and its cost of production
Cthe difference between what consumers actually pay for a good and the maximum amount
they would be willing to pay for it
Dthe difference between what consumers are willing to pay for a good and the amount
required by producers to supply the good
✓ Correct answer
C: the difference between what consumers actually pay for a good and the maximum amount they would be willing to pay for it
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