which-of-the-following-best-defines-consumer-surplus-in-a-market-at-equilibrium

Question

Which of the following best defines consumer surplus in a market at equilibrium?

Accepted Answer

The difference between what consumers are willing to pay and what they actually pay for a good.

Answer

The area below the supply curve and above the equilibrium price.

Answer

The total revenue received by producers at equilibrium.

Answer

The price at which quantity demanded equals quantity supplied.