Demand
demand curve
Demand
The term for that definition is effective demand
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e. the market price for the product). The level of consumer surplus is shown by the area under the demand curve and above the ruling market price as illustrated in the diagram below:
Demand
demand
demand curve
Demand
The term for that definition is effective demand
The term for that definition is effective demand
Consumer surplus is the amount a buyer is willing to pay minus the amount the buyer actually pays.
the degree to which they are needed
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e. the market price for the product). The level of consumer surplus is shown by the area under the demand curve and above the ruling market price as illustrated in the diagram below:
supply
Demand
the cost