Economics (AS & A Level) · May / June 2022 · Paper 13 · Question 11

What is meant by consumer surplus?

1. AIt is the amount by which the price consumers are willing to pay exceeds the market price.
2. BIt is the difference between the price consumers are willing to pay and the price producers are willing to supply.
3. CIt is the discount firms offer to the consumers for buying goods in bulk.
4. DIt is the excess of quantity demanded of a product over its quantity supplied at a given price.

As printed in the paper