A. benefits derived from consuming a cheap commodity B. excess of total expenditure over total uility C. difference between marginal utility and marginal cost D. excess of marginal utility over price
Correct Answer: C
Explanation
Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay. For instance if mr A budgeted N100 for commodity X and ended up buying it for 150, consumer surplus is 150-100=50.Â
