Consumer surplus is the difference between the maximum price a consumer is willing to pay the actual price they pay for the goods, or the market price. When customers pay less for a good or service than they would be willing to, this is known as a consumer surplus. According to each person's preferences, a good or service's utility differs from person to person.
The economic concept of marginal utility, which is the additional enjoyment a customer receives from purchasing one more unit of an item or service, serves as the foundation for consumer surplus. Consumer surplus always rises as a good's price falls and falls as a good's price rises.
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