The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

Answer Details

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer surplus. It is a concept in economics that refers to the difference between the total amount that consumers are willing to pay for a good or service and the total amount that they actually pay. Consumer surplus is a measure of the net benefit or satisfaction that consumers receive from consuming a particular good or service. The higher the consumer surplus, the greater the satisfaction or utility that consumers derive from their purchases.