The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer
Question 1 Report
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.
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning