Answer
The surplus is the difference between the price the average consumer is willing to pay and the actual price.
Work Step by Step
The average consumer is on the high end of the demand curve.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 6 - Market Efficiency and Government Intervention - Exercises - 6.1 Consumer Surplus and Producer Surplus - Page 147: 1.9
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