In economics, what a consumer is ready to pay minus what he actually pays, is termed as

A Consumer's equilibrium
B Consumer's surplus
C Consumer's expenditure
D None of the above

Correct Answer: Consumer's surplus

In economics, what a consumer is ready to pay minus what he actually pays, is termed as Consumer's surplus. Consumer surplus is defined as the difference between the consumers' willingness to pay for a commodity and the actual price paid by them, or the equilibrium price.
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